Insights & Resources

AllCOVID-19NonprofitsNews ReleasesAudit & AssuranceH&S PerspectivesTax

What to Do If You Filed an Employee Retention Credit Claim With the IRS

ERC submissions are under scrutiny by the IRS due to a surge in questionable claims. Are you confident your claim meets the eligibility requirements and can stand up to a potential audit?

IRS Issues Guidance on New Retirement Catch-up Contribution Rules

In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling

IRS Announces Transition Relief for RMDs Following the SECURE 2.0 Act

Discover how the IRS is providing much-needed relief for Required Minimum Distributions (RMDs) in light of the SECURE 2.0 Act. Learn about the new transition rules that could potentially benefit retirees and their tax planning strategies.

For Boards, the Best Cybersecurity Defense Is a Good Offense

The regulation has been introduced to improve transparency in the markets for sustainable investment products while increasing transparency around sustainability claims made by FMPs.

The IRS Warns Businesses About ERTC Scams

The airwaves and internet are inundated these days with advertisements claiming that businesses are missing out on the lucrative Employee Retention Tax Credit (ERTC). While some employers do indeed remain eligible if they meet certain criteria, the IRS continues to caution businesses about third-party scams related to the credit. While there’s nothing wrong with claiming credits

Get to Know IRS Form W-9 Before Hiring Freelancers

Many employers, including nonprofits, are turning to independent contractors and freelancers as a way to deal with the continuing tight labor market. If your organization is among them, you need to take steps to ensure you collect the necessary paperwork — including IRS Form W-9, “Request for Taxpayer Identification Number and Certification.” In a nutshell

Is a Merger Right for Your Nonprofit?

Deciding whether to merge with another nonprofit isn’t a straightforward decision. Although some nonprofits struggled through the COVID-19 years, others prospered. Now, with high inflation rates and a possible recession, many nonprofits are again left with questions about their futures. A merger can help organizations share expenses and weather economic storms. But there are also

News for Nonprofits – August 2023

Will Universal Charitable Deduction Get Another Bite at the Apple? A bipartisan group of U.S. senators has introduced legislation to expand and extend the nonitemized deduction for charitable giving. Dubbed the Charitable Act, the bill would increase the previous $300 deduction permitted in 2020 and 2021 (or $600 for married couples filing jointly in 2021).

Steering Clear of Landmines: 7 Areas of IRS Form 990 Audit Scrutiny

The IRS can initiate an audit of your nonprofit organization for any number of reasons. But perhaps the most common is a red flag sent up by your annual filing of Form 990, “Return of Organization Exempt From Income Tax.” Read on to learn the potential trouble areas and how you can reduce your audit

IRS Clarifies Employee Retention Credit Guidance

Summary: As part of its ongoing enforcement efforts related to Employee Retention Tax Credit (ERTC) claims, the IRS has released additional guidance. First, the IRS clarified its position on the ability of employers to claim they experienced a full or partial suspension of operations related to supply chain disruptions. Separately, the IRS released final regulations

How Auditors Use Analytics to Improve Efficiency

Analytical procedures are required for all financial statement audit engagements, according to the auditing standards published by the American Institute of Certified Public Accountants (AICPA). Audit analytics can help minimize the time and cost associated with performing fieldwork. Here’s an overview of financial analytics and how they’re used by auditors. What are analytics? The AICPA

Selling Your Home? Be Sure You Understand the Home Sale Gain Exclusion

If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so be sure to review its requirements before you sell. Exclusion requirements Ordinarily, when you sell real estate or other capital