Article Archives: 2020

Since entering the professional world, it’s been an aim of mine to serve on the board of directors for a not-for-profit organization. I finally accomplished my goal in June 2019, but the process to achieving it was not always clear. If you are considering joining a not-for-profit board, I put together the following guide, based […]

Posted by: Maria Keating

Join us on June 17 for a webinar covering Oregon’s new Corporate Activity Tax (CAT). You’ll learn how the tax is computed and must be paid, available deductions, possible exemptions, and penalties for non-compliance. Follow the link for registration and more information. Earlier this year, Oregon enacted a form of gross receipts tax that will apply […]

The state and local tax complications around telecommuting are well recognized. However, these issues have taken on an increased prevalence and significance during the COVID-19 pandemic. Questions surrounding state income and sales tax nexus, employee income tax withholding, individual income tax filing requirements, unemployment, and workers’ compensation have only grown since governments began implementing mandatory […]

Posted by: Cheryl R. Olson

I have had many conversations lately about the skill sets nonprofit finance and accounting staff need to possess in today’s environment to stay relevant and competitive. These conversations range from CEOs who are looking for more strategic partners with their existing CFOs, to CFOs themselves who are feeling overwhelmed with competing priorities, to accounting staff […]

Posted by: Steve Vasconcellos

The primary objective when building a Business Continuity Plan (BCP) is to increase the likelihood that your organization will survive a disaster, such as a massive cybersecurity breach or a global pandemic. Many organizations overlook the importance of a BCP and question the return on investment in crafting one, citing the low likelihood of disasters. […]

Posted by: Rene Schaefer

Under the CARES Act, Congress provided many new tax provisions to assist companies and individuals through this challenging time. One of those new provisions allows business net operating losses to be carried back five years for tax years beginning after December 31, 2017 and before January 1, 2021 (for calendar years 2018, 2019, and 2020). […]

Posted by: Mitch Hansen

The coronavirus pandemic has given rise to a host of fraud schemes attempting to profit off the crisis. According to the Federal Trade Commission (FTC), consumer complaints for COVID-19 related scams topped 7,800 in early April, totaling $5 million, with an average loss of $598. U.K. victim losses are currently at just over $1 million. […]

Posted by: Deby MacLeod

To provide accounting relief and clarity during the COVID-19 crisis, the FASB published an exposure draft on April 21, 2020, with proposals to delay the effective dates for Leases (Topic 842) and Revenue Recognition (Topic 606).  The comment deadline for these proposals is May 6, 2020. Leases, Topic 842 The FASB has proposed allowing the […]

Posted by: Sarah Huang

On April 9, the IRS issued Notice 2020-23 giving not-for-profit organizations relief on tax returns and tax payments originally due between April 1, 2020 and July 15, 2020. Notice 2020-23 provides relief for filers of Form 990, Form 990-EZ, Form 990-N, Form 990-PF, and Form 990-T. These returns, along with any tax payments, are now […]

Posted by: Dan Wright · Steve Day

Updated May 11 to include new guidance from the IRS pertaining to furloughed workers and eligibility. Updated April 28 to reflect clarifying information from the IRS and the Joint Committee on Taxation report. The CARES Act (the Act) includes a program that allows a credit against “applicable employment taxes” (AET). This program, The Employee Retention […]

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