GRF’s Richard Locastro Quoted in Tax Notes regarding OMB’s Second Review of UBTI Guidance
On April 16, GRF’s Director of Nonprofit Tax, Richard J. Locastro, CPA, JD was quoted in Tax Notes about Office of Management and Budget’s (OMB) second review of proposed guidance from IRS and the Treasury Department on calculating the unrelated business taxable income (UBTI) of tax-exempt organizations. He cited the interaction of the Coronavirus Aid,…
New Law Retroactively Fixes QIP Drafting Mistake
At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. The correction retroactively allows real property owners to depreciate QIP faster than before….
COVID-19 Relief for Employers: New Employee Retention Tax Credit
The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S. Department of Labor. And far more claims are expected in April. Some economists predict that the unemployment rate could rise to Depression-era levels of…
The COVID-19 Crisis Highlights Best Practices for Virtual Audits
By Thomas Netznik, CPA, Audit Manager, GRF CPAs & Advisors In recent years, nonprofits have begun investing in technology that not only appeals to a younger workforce, but also achieves some organizational goals related to digital transformation. Gone are the days when most organizations relied on paper documents and files, and not a moment too…
Webinar Series: The Indirect Rate Toolkit for Nonprofits with Federal Grants – Part II
The second webinar provides participants with an overview of the Cost Principles, Subpart E to Uniform Guidance. The cost principles provide the framework for direct and indirect cost allocation, the reasonableness criteria, offsets for related revenue, and what is allowable (or not an allowable) reimbursement on federal grants and cooperative agreements. Topics Understanding the categories…
Employee Benefit Plan Update & Red Flags for Administrators to Know
This webinar is an overview of the changes that will occur with retirement plan audits under the new standard issued by AICPA, SAS No. 136 Forming an Opinion and Reporting on Financial Statement of Employee Benefit Plans Subject to ERISA. This webinar discussed how the roles as administrators of the plan will change during the audit…
Retirement Plan Options during the COVID-19 Crisis
By Jennifer McCahill, CPA, Partner Individuals and organizations are looking for ways to gain access to cash during this time of financial and economic uncertainty. As Congress and the Administration discuss additional aid packages, we are seeing changes to the traditional regulations that would allow individuals and organizations to access funds through retirement plans. There…
COVID-19 Relief: Overview of the New CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the coronavirus (COVID-19) pandemic. Here…