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March 20 update: Tax deadline extended to July 15, 2020. March 23 update: The Internal Revenue Service issued clarifying guidance regarding the previously announced changes to the upcoming tax deadline. This article was originally published on March 17, 2020. It will continue to be updated with current tax deadline information as announcements are made. In […]

As a follow up to Office of Management and Budget (OMB) Memo M-20-11, the OMB has issued Memo M-20-17 which provides more flexibility to an expanded scope of recipients who have experienced loss of capacity and increased costs as a result of the COVID-19 pandemic. Appendix A to OMB Memo M-20-17 provides a six month extension […]

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 […]

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2019, the unrelated business income tax on transportation benefits organizations provide to employees was retroactively repealed.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 […]

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 […]

In a pleasant year-end gift, Congress provided relief to tax exempt organizations through repeal of the tax on qualified transportation benefits. A package of government funding bills signed by the President on December 20, 2019 includes repeal of the tax assessed on transportation benefits, such as parking and bus passes, provided by exempt organizations to […]

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