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Tax Regulation & Reporting

Potential Changes to Form 1040

In 2018, the Internal Revenue Service (IRS) made drastic changes to Form 1040, U.S. Individual Income Tax Return. It eliminated 50 lines on the main...

The Taxpayer First Act

On July 1, 2019 President Donald Trump signed the Taxpayer First Act, which requires tax-exempt organizations to file all Form 990 series returns electronically, which...

Update to Renewal Process for Exempt Status in DC

Tax-exempt organizations no longer are required to submit an affirmation letter of federal exempt status to the District of Columbia Office of Tax and Revenue...

New Rules for New York City Commercial Rent Tax

The New York City Commercial Rent tax (NYC CRT) has been applicable to many businesses in Manhattan since 1963. Now, a recent law, passed by...

Webinar Recap – What Nonprofits Need to Know About ASU 2016-14

Steven C. Darr and Mary Margaret Prange, Partners at Calibre CPA Group, recently presented a webinar on ASU 2016-14. This ASU has resulted in the...

IRS Issues Interim Guidance on New Rules to Compute UBIT

Section 512(a)(6) was added to the Internal Revenue Code as part of the Tax Cuts and Jobs Act passed in December 2017. It required that...

IRS Releases New Guidance Regarding Reporting of Contributors’ Identifying Information

The IRS has issued new guidance regarding tax-exempt groups’ obligation to provide the IRS with contributors’ identifying information. The new rule change will allow certain...

FASB Clarifies and Improves Guidance for Not-for-Profit Grant and Contribution Accounting

On June 21, 2018, the Financial Accounting Standards Board (FASB) has issued accounting standards update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope...
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Supreme Court Rules That States Can Now Force Retailers Without a Physical Presence to Collect Sales Tax

The Supreme Court ruled on June 21, 2018 that states can now force retailers without a physical presence to collect sales tax on any purchases...