The Financial Accounting Standards Board (“FASB”) has issued a new lease standard (ASC 842) to increase transparency and comparability among organizations with leasing activities. Below are some key facts related to this new standard and its impact on your organization.Read More
BBD has seen many of our nonprofit clients experience an uptick in IRS notices, but, unfortunately, there has been no correlating rise in the IRS’ ability to manage responses.Read More
The IRS is continuing to update the list of Pennsylvania and New Jersey counties that qualify for an additional extension of time to file returns until January 3, 2022 as a result of the impact of Hurricane Ida.Read More
The American Rescue Plan Act (the Act) was signed in March and expanded the eligibility for the Employee Retention Credit (ERC), as well as extending the credit period through the end of 2021. While the 2020 credit was limited to 50% of $10,000 in qualified wages per employee, the Act increased this amount to 70% of qualified wages paid per employee per quarter. That’s a potential credit of $28,000 per employee for 2021!Read More
As you receive gifts-in-kind, it's important to keep these new reporting requirements in mind.
The term “gifts-in-kind” is used broadly to refer to all noncash gifts, both tangible and intangible. Tangible gifts-in-kind include contributions of items such as stock, land and supplies. Intangible gifts-in-kind include contributions of items such as advertising and other professional services. While greatly appreciated by an organization, it can be challenging to account for these gifts.Read More
Beginning January 15, 2021, the Pennsylvania Department of State will begin notifying all corporations, including nonprofit corporations, of their need to file a Decennial Report.Read More
On December 27, 2020, the Consolidated Appropriations Act of 2021 (Act) was signed into law. The Act affects several provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The largest of these relates to the Paycheck Protection Program (PPP) loans.Read More