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Tax Regulation & Reporting
IRS Releases New Guidance Regarding Reporting of Contributors’ Identifying Information - Calibre CPA Group

IRS Releases Electronic Form 1023

Rev. Proc. 2020-08 reflects updated procedures for submission On Jan. 31, 2020, the Internal Revenue Service (IRS) released the revised electronic Form 1023, Application...
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IRS Issues 2020 Standard Mileage Rates - Calibre CPA Group

IRS Issues 2020 Standard Mileage Rates

The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced...
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Potential Changes to Form 1040 - Calibre CPA Group

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...
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The Taxpayer First Act - Calibre CPA Group

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,...
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Update to Renewal Process for Exempt Status in DC - Calibre CPA Group

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...
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New Rules for New York City Commercial Rent Tax - Calibre CPA Group

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...
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Man with Dollar Sign - Calibre CPA Group

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...
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IRS Issues Interim Guidance on New Rules to Compute UBIT - Calibre CPA Group

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...
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IRS Releases New Guidance Regarding Reporting of Contributors’ Identifying Information - Calibre CPA Group

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...
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FASB Clarifies and Improves Guidance for Not-for-Profit Grant and Contribution Accounting - Calibre CPA Group

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...
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