Blog Archives: 2020

Tax Filing and Liability Payment Updates as of April 10

April 10 update: Expansion of key tax deadlines for individuals and businesses. April 3 update: Action still needed for information returns and to delay scheduled automatic payments. March 31 update: Gift tax deadline extended to July 15, 2020. March 20 update: Tax deadline extended to July 15, 2020. March 23 update: The Internal Revenue Service […]

OMB Issues Guidance to Federal Agencies, Including Single Audit Due Date Extension

This article was updated on 4/1 to address further clarification from OMB leadership.  As a follow up to Office of Management and Budget (OMB) Memo M-20-11, the OMB has recently issued Memo M-20-17. The Memo addresses Federal awarding agencies and provides more flexibility to an expanded scope of recipients who have experienced loss of capacity […]

Accounting Update for Not-for-Profits and Contributed Non-Financial Assets

On February 10, 2020, the Financial Accounting Standards Board issued proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Contributed non-financial assets can include fixed assets, such as land, buildings, and equipment; materials and supplies, such as food, clothing, and pharmaceuticals; and intangible assets and/or […]

Refunds for Transportation Benefits Tax: What You Need to Know

In December 2019, the unrelated business income tax on transportation benefits organizations provide to employees was retroactively repealed. Since then, not-for-profits have eagerly awaited IRS guidance on how to obtain refunds for amounts already paid toward this tax. This week, the IRS indicated organizations should file an amended Form 990-T for each year the tax […]

Real World Examples of Occupational Fraud and What to Watch for

It may take two to tango, but it takes all three legs of the fraud triangle to commit occupational fraud, according to the research done by Donald Cressey in the 1950s. Cressey, a sociologist and criminologist, studied numerous occupational fraud cases during his career. He found that in nearly all of them, some element of […]

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