The Inflation Reduction Act (IRA) of 2022 contains numerous provisions that create or expand tax incentives for the use of and investment in clean energy technologies. In the past, these benefits...
The Accelerating Charitable Efforts Act was introduced in 2021 as a proposed means of reforming tax laws related to charitable donations, private foundations and Donor-Advised Funds (DAFs). For...
Nonprofit organizations with federal tax-exempt status must file Form 990 with the IRS each year. This form requests information about an organization’s operations, management, revenue and expenses....
Nonprofit organizations must keep up with a rather large amount of paperwork to maintain their tax-exempt status with the IRS. This includes filing regular tax and information returns. New IRS...
Fraud can have detrimental effects on not-for-profit organizations (NFPs). For-profit businesses exist for the primary purpose of earning income. They exist to provide services or products, and, in...
The Consolidated Appropriations Act (CAA) of 2023 became law on December 29, 2022. The law provides a total of $1.7 trillion for government projects spanning 12 appropriation bills and covering every...
Nonprofit organizations (NPOs) that serve low-income communities often have difficulty raising funds to pursue their missions. The COVID-19 pandemic made fundraising even more difficult. Many NPOs...
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...
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...
Inflation has recently soared to the highest levels the United States has seen in about four decades. In June 2022, the U.S. Bureau of Labor Statistics reported that prices had risen 8.6 percent over...