Posted by: Megan Ryan · Andrew Prather

Due to the unfolding COVID-19 pandemic, many not-for-profits have recently had to cancel major upcoming events, including musical and theatrical performances, symphony and performing arts shows, fundraising events, and conferences. These circumstances leave some not-for-profit organizations wondering how to account for the prepaid tickets to these events. First, organizations with deferred revenue related to now-canceled […]

Posted by: Rick Cooley

On Wednesday March 18, 2020, President Trump signed the Families First Coronavirus Response Act. Although media coverage of the Act understandably focuses on the paid sick leave and expanded family and medical leave aspects of the legislation, the Act also contains tax credits to help employers offset the cost of the newly mandated paid leave […]

Posted by: Mitch Hansen

As the COVID-19 pandemic grows, we’ve begun receiving questions from our clients on how to best handle the many disruptions. To help broadly respond to the situation, we’ve decided to publish our responses and recommendations here. So far, the impacts we’re seeing in and out of Washington state include cancellation of events, declining investment portfolios, […]

Posted by: Karen Dunn

At long last, the process for applying for exemption has entered the twenty-first century. Currently the Form 1023, the application for exemption under Internal Revenue Code Section 501(c)(3), may be submitted electronically. However, after April 30, 2020, the IRS will only accept electronic filing of the form and online payment of the user fee. Paper […]

Posted by: Troy Rector

On January 22, 2020, the Office of Management and Budget (OMB) released proposed changes to Title 2 of the Code of Federal Regulations (CFR) for public comment. The Proposed Rule (Federal Register document: 2019-OMB-0005) would affect 2 CFR Parts 25, 170, 183, and 200 with the Uniform Guidance (UG) at 2 CFR Part 200 seeing […]

Posted by: Cheryl R. Olson · Karen Dunn

This article was originally published in NetRaising. Your website may inadvertently cause tax risks to your organization. A website communicates an organization’s mission, programs, and events to donors, volunteers, and the community. That is a valuable service. However, it can also communicate taxable unrelated business activities, prohibited or limited activities, and noncompliance with tax rules. […]

Posted by: Andrew Prather

On February 10, 2020, the Financial Accounting Standards Board (FASB) proposed a new accounting standard that would increase the transparency of certain types of in-kind donations to not-for-profit entities (NFPs). The proposal is in the form of an exposure draft that will be open for public comment through April 10, 2020. A full copy of […]

Every year, Clark Nuber receives numerous e-mails and calls from clients who report that someone from the IRS is demanding money right away for past due amounts. These demands are generally followed by a threat of arrest, lawsuit, deportation, or other acts of intimidation. These communications are IRS scams. What are IRS Scams? IRS scams […]

On July 1, 2019, the Taxpayer First Act (TFA) was signed into law. The significance of this law centers on administrative procedures the IRS must enact in order to become a more taxpayer-friendly agency. The TFA sets new mandates to enhance the taxpayer experience through modernization, more efficient tax administration, increased cybersecurity, and stronger identity […]

Posted by: Frances A. Olson

Oftentimes, organizations that work across borders will come to Clark Nuber with their federal return, only to discover there are a lot more foreign operations reporting requirements than they anticipated. This article will cover the commonly overlooked areas, and we’ll note what questions you should be asking if you have international operations. A quick reference […]

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