Year: 2021
New Presentation and Disclosure Requirements for Gift-In-Kind (ASU 2020-07)
June 22, 2021
In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The purpose of this ASU … Continued
What You Need to Know about Child Tax Credit Advances
June 11, 2021
On May 17, the Internal Revenue Service and the Department of Treasury announced additional details and changes surrounding the Child Tax Credit (CTC) outlined in the American Rescue Plan. The … Continued
How the Mail Backlog at the IRS May Impact Your Tax-Exempt Organization
May 24, 2021
The IRS has an enormous backlog of unprocessed mail, which includes paper returns and extensions, due to the closing of its processing centers for several weeks during the pandemic and … Continued
How to Utilize P-EBT Cards to Help the Nonprofit Community
May 11, 2021
This week I received a letter in the mail stating my family was automatically enrolled to receive benefits under Delaware’s Pandemic Electronic Transfer (P-EBT) program. Delaware’s P-EBT Program provides food … Continued
Charity Navigator: Encompass Rating System
May 05, 2021
Regardless of the individual mission, every nonprofit share a common goal: to raise awareness and funding to propel its mission forward. And, when prospective donors are determining what charity is … Continued
Tax Credits Now Available for Providing Paid Leave to Employees Receiving COVID-19 Vaccines
April 26, 2021
On April 21, the Internal Revenue Service and the Treasury Department issued a fact sheet detailing information about the tax credits available under the American Rescue Plan. The intent is … Continued
Single Audit Submission Extension
April 16, 2021
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 … Continued
Additional Extension and Due Date Updates
March 31, 2021
PPP Extension Act of 2021 On March 30, President Biden signed into law the PPP Extension Act of 2021. The Paycheck Protection Program, which was scheduled to expire on March … Continued
Certain State Tax Deadlines Extended
March 26, 2021
Just as many CPAs and taxpayers anticipated, states have started to extend their tax return due dates. Read our previous update titled, Tax Deadline for Individuals Extended to May 17. … Continued
Individual Provisions of the American Rescue Plan Act of 2021
March 22, 2021
On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The $1.9 trillion bill is extensive and we have outlined important details for our … Continued