Single Audit Submission Extension

Posted by Matthew Frost In March of 2020, we discussed M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations in our blog titled, COVID-19 Relief: Single Audit Extension. The good news is a similar extension has been granted for 2021. On March 19, 2021, the U.S. … Continued

IRS Repeals “Parking Lot Tax” on Nonprofit Employers

Posted by Jonathan D. Moll, CPA When the IRS signed the Tax Cuts and Jobs Act (TCJA) into law in December 2017, there were certain provisions directly affecting nonprofit organizations. The most widely debated topic of that act affecting the Nonprofit industry was, without doubt, the assessment of unrelated business income tax (UBIT) on certain transportation fringe benefits that nonprofits … Continued

Simplifying Debt-Issuance Costs

In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs as part of their initiative to reduce complexity in the accounting standards.

Preparing for FASB’s Not-for-Profit Update

In August 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-14, Not-for-Profit Entities, with the intent of providing more useful information to donors, grantors, creditors, and other users of not-for-profit (NFP) financial statements.

Grant in Aid Update - Nonprofit CPA Firm

Delaware Grant-in-Aid Update

With recent and upcoming changes in Delaware grant-in-aid, it may be helpful for nonprofits to re-familiarize themselves with House Bill No. 230, commonly referred to as the Fiscal Year Ending June 30, 2016 Grant-in-Aid Bill, and begin learning about anticipated changes to subsequent grant-in-aid bills.