GRF CPAs & Advisors Makes List of Best Firms for Young Accountants
Following GRF CPAs & Advisor’s (GRF) recognition earlier this year as one of Accounting Today’s 2020 Best Accounting Firms to Work for in the Midsized Firms category, the firm has been honored once again. In their new report, Accounting Today singles out the members of the Best Accounting Firms to Work For that are most…
Charity Navigator Launches Impact & Results Beacon
By Richard J. Locastro, CPA, JD, Partner and Director, Nonprofit Tax Charity Navigator has added another beacon as part of the roll out of its new Encompass Rating System – Impact & Results. This follows Charity Navigator’s acquisition of ImpactMatters and identifies high-impact nonprofits who demonstrate “cost-effectiveness”. The Impact & Results beacon currently includes service…
Charity Navigator Rolls Out New Encompass Rating System
By Katelyn Miller, CPA, MST, Manager, Nonprofit Tax In one of the largest updates in recent memory, Charity Navigator has rolled out the first of four significant changes to their rating system. The Encompass Rating System expands the number of charities the organization rates from 9,000 to 160,000 – the most in its history. What…
What Are the Most Common Form 990 Mistakes Nonprofits Make?
Each year, your nonprofit organization must carefully determine the proper Form 990 return to file because penalties can be assessed for failing to file the right version. If a form is materially incomplete or the wrong return is filed, the IRS will return Form 990 series forms filed on paper — and reject electronically filed…
President Trump Signs Bill with an Additional $320B for the PPP
Join GRF for a webinar led by our tax and accounting experts who will walk participants through the PPP loan requirements for forgiveness.
COVID-19 Response for Individuals, Small Businesses and Nonprofits
Individuals, small businesses and nonprofits are all feeling the impact of the COVID-19 crisis. With news and information coming from many different directions, it is difficult to understand how to respond when it comes to taxes, cash flow, workforce planning, IT security and general crisis management ― all while working remotely. GRF CPAs & Advisors…
New e-Filing Requirements for Tax-Exempt Organizations
Under a little-noticed provision buried deep in the Taxpayer First Act, tax-exempt organizations will be required to file certain information returns and related forms electronically. Your nonprofit organization should be prepared for this change that goes into effect for tax years beginning after July 1, 2019. Background Information The Taxpayer First Act, signed by President…
GRF Named a 2019 All Star Specialized Niche Firm By INSIDE Public Accounting
GRF was named to INSIDE Public Accounting’s (IPA) 2019 All Stars Specialized Niche Firms in recognition of the firm’s robust nonprofit practice that includes accounting, assurance, tax and advisory services. In its January 2020 IPA newsletter, IPA recognized firms that derive a higher percentage of their revenue from specialty practices than all other participating firms….
OMB Proposes Changes to Uniform Guidance (2 CFR 200)
On January 22, 2020 the Office of Management and Budget (OMB) proposed various revisions to the Code of Federal Regulations, including sections of 2 CFR 200, Uniform Guidance. A public comment period on the proposed changes is open through March 23, 2020. Entities that receive federal grants and/or cooperative agreements, or those who could otherwise…
IRS Releases 990-T Refund Procedures for Qualified Transportation Fringes (QTFs)
With the retroactive repeal of Internal Revenue Code (IRC) Section 512(a)(7), many tax-exempt organizations are now entitled to a refund of UBI taxes paid on QTFs as explained in GRF’s December 23, 2019 industry alert. On January 21, 2020, the Internal Revenue Service (IRS) posted instructions on its website on how to claim a refund…