How do the new rules apply to retirement and benefit plan filings? Different aggregation rules apply, depending on the type of form being tested for whether electronic filing is required, which can be confusing. Form 5500. Filers of Form 5500 must file electronically for plan years...
The Internal Revenue Service finalized regulations on Feb. 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after Jan. 1, 2024, to be submitted to the IRS electronically instead of on paper. Under the new...
Embracing technology, outsourcing key operations to specialists and improving organizational culture can all be a part of a nonprofit’s plan for sustainability. While it’s important to make plans, recent years have demonstrated how easily even the best-laid plans can go awry. The following four key steps...
Under the Stafford Act, the following were declared major disaster areas: Puerto Rico, Alaska, Florida, South Carolina and North Carolina. Consistent with these declarations, the Office of Management and Budget (OMB) has announced on the Federal Audit Clearinghouse site that is has granted a six-month...
BDO released its annual Nonprofit Standards benchmarking survey of more than 270 nonprofit organizations. The new data reveals nonprofit leaders’ strategies for dealing with economic uncertainty, meeting the needs of the populations they serve, increasing revenue, expanding impact and approaching fundraising. Find out how they...
In June 2022, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 101, Compensated Absences (GASBS 101 or Statement). The Statement updates the accounting and financial reporting requirements for compensated absences and associated salary-related payments to better align the recognition and measurement guidance under...
On June 13, 2022, the Governmental Accounting Standards Board (GASB) achieved a major milestone in issuing its 100th accounting statement, GASB Statement No. 100, Accounting Changes and Error Corrections (GASBS 100 or “Statement”). The Statement establishes accounting and financial reporting requirements for (a) accounting changes...
In the Fall 2022 edition of the Nonprofit Standard, Matt Cromwell recently outlined the implementation requirements of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. As noted in the...
The Small Business Administration (SBA) has updated the SVOG Post-Application Guidance and the Post-Award Frequently Asked Questions. These documents apply to both non-federal entity recipients (these include nonprofit entities, state and local governments and Native American tribes, and institutions of higher education) and for-profit recipients. Included in the...
According to a study by N-able, managed service providers (MSPs) report that 82% of their customers have seen an increase in attempted cyberattacks since the pandemic. Even MSPs themselves are a target for cyber criminals, which can have wide-reaching impacts on their customers and network of...
