Nonprofit organizations with 501(c)(3) status may be exempt from federal (and possibly state) income taxes. However, this does not mean that these organizations cannot be audited by the Internal...
Employers that sponsor EBPs must ensure that they comply with federal laws enforced by the IRS and the U.S. Department of Labor (DOL). The government uses Form 5500 to collect information about EBPs...
The IRS will audit a tax return for many reasons, including bad luck. Math errors, inconsistent information, and high deductions might also trigger an audit. While audits can be intimidating, the...
The New Markets Tax Credit (NMTC) was established in 2000. The credit has been used to incentivize investors to finance and start projects in low-income communities. New investments in these areas...
The U.S. Congress passed multiple bills during the COVID-19 pandemic that provided various forms of relief for businesses and individuals. The Employee Retention Credit (ERC) benefited both by giving...
The United States Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation have announced changes to the Form 5500, which is the annual return or report of an...
A set of accounting standards for leases is now mandatory for most business entities in the U.S., including not-for-profit organizations (NFPs). These standards, known as ASC 842, began to take...
An internal audit uses resources within the company to critically evaluate the functionality of the company to produce growth and progress. These audits are often continuous in nature, but they can...
Government funding brings some rather complicated reporting and auditing requirements. This can apply to both for-profit businesses and not-for-profit organizations (NFPs) that receive federal...
