IRS Guidance for Nonprofits Claiming Clean Energy Credits – Form 990-T
If your tax-exempt organization is submitting Form 990-T solely to claim applicable clean energy credits under the Inflation Reduction Act, the IRS has released a new video to help. The video is posted on the IRS StayExempt site and is called “Filing Form 990-T for Elective Payment Election Only.” This 29-minute video and accompanying PDF…
Key Lessons Learned from CECL Implementation
The implementation of the Current Expected Credit Loss (CECL) model marks a significant shift in how nonprofits approach financial reporting and credit loss estimation. Introduced by the Financial Accounting Standards Board (FASB), CECL requires organizations to estimate expected credit losses over the life of a financial asset, replacing the previous incurred loss model. As we…