The Internal Revenue Service (“IRS”) has opened a limited time Voluntary Disclosure Program (the “Program”) to help businesses fix incorrect Employee Retention Credit (“ERC”) with respect to 2021. The Program will run until November 22, 2024 and allows businesses a...
The Internal Revenue Service (“IRS”) released final regulations that significantly expand the electronic filing (“e-file”) requirements for tax-exempt organizations. Effective January 1, 2024, organizations must electronically file information returns (i.e. Form 1099...
For decades, private clubs have been wrestling with the high cost of credit card company interchange fees, or so-called swipe fees. Traditionally, these fees are between 2% and 4% of a total credit card transaction cost. They represent a service charge paid to the card company, or its bank, covering the costs associated with allowing individuals to use their Visa, Mastercard or other credit card for purchases. Regrettably, these charges can be hefty for a club on an annual basis.
The FASB’s new lease accounting standard has rapidly approached for organizations with operating and finance leases. Under Accounting Standards Codification (“ASC”) Topic 842, Leases (the “new standard”), all lease obligations (operating and finance) are required to...
The New York State Attorney General's Office has amended its regulations to reflect changes in the Charities Bureau's requirements for filing Schedule B to IRS Form 990 with an organizations annual CHAR500 filing. Pursuant to amended regulations effective March 16,...
In September 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-07 – Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (“ASU 2020-07”). The FASB issued the update to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure. Prior to ASU 2020-07, Generally Accepted Accounting Principles did not contain specific presentation requirements for contributed nonfinancial assets or specific disclosures for contributed nonfinancial assets other than contributed services.
As of September 19, 2022, all annual filings with the State of New York Attorney General Charities Bureau ("Charities Bureau") must be submitted online. The online application, which uses electronic signature and payment processes, is said to make annual filing...
In the ever-evolving digital age we live in; one would believe that check fraud would be a thing of the past. Unfortunately, the age-old trick of criminals stealing checks out of the mail continues and appears to be more advanced than ever. Once the criminals are in possession of your checks there are several tactics deployed in editing the original check. These include but are not limited to altering the payee/amount (check washing) or simply forward endorsing the checks. On the more sophisticated side, criminals will take an image of the check, make alterations to it, and sell it on the dark web.
Nonprofit organization’s (“NPOs”) cash flow and operations have been impacted by the COVID-19 pandemic just like commercial businesses – and in some cases, even more severely. NPOs are making changes at a rapid pace to deal with this outbreak. Cash flows, budgets, layoffs/furloughs and working remotely are some of the decisions NPOs face while trying to navigate these unchartered waters. While there has been and will be difficult decisions to make, a NPO has to be mindful that it is also a business and there are things that can be done to mitigate cash flow and operating issues.