In March of 2020, we discussed M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations in … Continued

Originally Posted August 20, 2020 / Updated August 25, 2020 The State of Delaware and New Castle County are working together to provide further relief to Delaware nonprofits and small … Continued

Many nonprofit organizations are facing an uphill climb managing the financial challenges brought about by the COVID-19 pandemic. There have been several adjustments made to employee expenses, programs delivered, services … Continued

Accounting for PPP Loans: When does a Nonprofit’s PPP Loan Convert from a Liability to Revenue? With the introduction of the CARES Act, our firm created a library of resources, … Continued

On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all … Continued

On May 5, 2020, the Governmental Audit Quality Center (GAQC) issued GAQC Alert No. 404 which provides important governmental auditing updates related to COVID-19. GAQC Alert No. 404 included the … Continued

Last month the IRS extended the traditional tax filing deadline for certain taxpayers from April 15, 2020, to July 15, 2020. On April 9, 2020, the IRS issued Notice 2020-23 … Continued

On March 19, 2020, the U.S. Office of Management and Budget (OMB) released memorandum M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel … Continued

Nonprofits, similar to their profit-oriented counterparts, are feeling the negative effects that business interruption caused by the coronavirus pandemic can have on the ability to carry out their missions. Some … Continued

When the IRS signed the Tax Cuts and Jobs Act (TCJA) into law in December 2017, there were certain provisions directly affecting nonprofit organizations. The most widely debated topic of … Continued