Knowledge Center

Blogs November 09, 2020 Are Scholarships Tax-Free?

Many not-for-profit organizations provide grants in the form of scholarships. A scholarship will be tax free to the recipient if the following criteria are met. It’s important to understand which scholarships are excludable from taxable income for th…

Blogs September 01, 2020 2019 Form 990 and 990-EZ Significant Changes and Reminders

The IRS continues to make progress towards paperless filings; the latest change impacts both Forms 990 and 990-EZ. If a Form 990 or 990-EZ is being filed for a tax year beginning on or after July 2, 2019, it must be filed electronically (with limite…

Blogs August 26, 2020 New Rules on Excise Tax on Highly Compensated Employees

The IRS recently issued proposed regulations under IRC Sec. 4960. This article takes a look at how those proposed regulations affect certain tax-exempt organizations and certain entities that are treated as related to those organizations, as well as …

Blogs May 14, 2020 COVID-19 and the Impact on Single Audits – Update

This articles takes a look at the various unanswered questions relating to the possible impact the PPP Loan.

Blogs May 01, 2020 Rules on Net Operating Losses Impacting Unrelated Business Income Change Again!

This article examines how the CARES Act temporarily suspends changes to the NOL rules made in the TCJA.

Blogs April 03, 2020 We are all in this together! CARES Act Encourages Charitable Giving

One provision of the CARES Act, which will impact the charitable giving of individuals who do not elect to itemize their deductions, is an allowance of an above-the-line deduction for charitable contributions not to exceed $300.

Blogs April 01, 2020 IRS Extends Deadline for Amendment of Prototype 403(b) Plans and Defined Benefit Plans

The IRS has announced an extension of the initial remedial amendment period for 403(b) plans.

Blogs February 28, 2020 Proposed Updates to Nonfinancial Assets Reporting

Discussion of the proposed regulations surrounding a not-for-profit’s reporting of contributed non-financial assets or “gifts-in-kind” – i.e., land, buildings, materials and supplies, food, clothing, etc.

Blogs January 24, 2020 Qualified Transportation Fringe Amounts - UBIT Refund Procedures

Notes on claiming a refund or credit in conjunction with the repeal of the unrelated business income tax (“UBIT”) on qualified transportation benefits.