By Barbara Finke, CPA Are you tired of the “new normal,” logging into yet another virtual meeting and hoping your internet will hold out for your key presentation? Or do you love being remote so much that you’ve thrown out all your business pants and shoes, replacing them with loungewear and comfy socks? Either way,…
By Divya Gadre, CPA Since navigating the headwinds of the past year, nonprofit organizations have reimagined their operations to maintain relationships with donors, volunteers and the communities they serve while discovering new means to protect mission funding. Even so, the impacts of the pandemic and calls to further social justice work won’t subside overnight, leaving…
By Tammy Ricciardella, CPA On Aug. 12, 2021, the Office of Management and Budget (OMB) issued the 2021 Compliance Supplement (Supplement). The Supplement is effective for audits of fiscal years beginning after June 30, 2020. The Supplement can be accessed on the OMB website. The Supplement is issued annually to assist auditors by providing a…
By Karen A. Schuler, CIPM, CIPP/E, CIPP/US, FIP, CDPSE, CFE, and Taryn Crane, PMP, FIP, CIPM, CIPP/E, CIPP/US Nonprofit organizations, including many charities, harness blockchain technology to improve sustainability, reduce cost and protect donor information. The most frequently asked questions about blockchain for nonprofits include: what is it, how does it work and why is…
As Congress grapples with tax proposals and the pandemic continues to create uncertainty for businesses, corporations and pass-through entities can leverage tax accounting methods to effectively improve their federal income tax posture and, in turn, enhance cash tax savings. When assessing their tax situations for 2021 and subsequent years, taxpayers should consider whether they can…
Illinois on August 27, 2021 enacted S.B. 2531, which will allow pass-through entities (PTEs) to elect to be taxed at the entity level, in an effort to help individual residents mitigate the impacts of the federal $10,000 cap on state and local tax (SALT) deductions. Illinois joins 17 other states in enacting similar entity-level tax…
On August 4, 2021, the IRS issued Notice 2021-49, which provides long overdue guidance for employers that have taken or are considering taking the employee retention credit (ERC) as initially made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and modified and extended under the American Rescue Plan Act of 2021…
Currently, U.S. citizens and non-U.S. citizens domiciled in the U.S. are entitled to an $11.7 million gift and estate tax exemption and are subject to a maximum marginal gift and estate tax rate of 40%. And while the gift and estate tax exemption is scheduled to drop to approximately one-half the current amount on January…
