News & Insights: government
Congress Passes Bill to Help Nonprofits Stay Afloat During COVID-19 Pandemic
July 13, 2020
The Senate unanimously passed bipartisan legislation, the Protecting Nonprofits from Catastrophic Cash Flow Strain Act, to help nonprofits remain financially viable during the COVID-19 pandemic.
IRS Extends Tax Deadlines for Nonprofits
April 13, 2020
On April 9, the IRS issued Notice 2020-23 providing an automatic extension for Forms 990, 990-PF and 990-T.
Paycheck Protection Program: SBA Application and Treasury Information Sheet Released
April 1, 2020
The SBA released a loan application for the Paycheck Protection Program.
New SBA Loan Options: Paycheck Protection Program and Economic Injury Disaster Loans
March 31, 2020
The CARES Act includes changes to SBA lending programs that eligible businesses and non-profits may apply for.
GASB Statements Effective for the Year Ended December 31, 2019
By Philip Marciano | March 26, 2020
Senior Manager Philip Marciano examines the Governmental Accounting Standards Board (GASB) statements effective for the year ended December 31, 2019.
Nonprofit Alert: IRS Issues Guidance on Refunds for Paid Qualified Transportation Taxes
By Magdalena M. Czerniawski | Robert Lyons | January 23, 2020
The IRS has issued guidance on the steps nonprofits will need to take in order to claim a refund on taxes paid under Section 512(a)(7), commonly known as the “Transportation Tax.”
Public – Private Partnerships
By Philip Marciano | January 10, 2020
The Government Accounting Standards Board (GASB) has addressed issues with the accounting and financial reporting between government and public parties (PPPs) in order to increase efficiency and prevent issues.
Achieving Efficiencies of the Financial Statement Audit Through IT
By Melissa Ouari | January 10, 2020
IT audits are becoming an increasingly valuable tool for nonprofit organizations, as they can help organizations identify critical issues and increase the efficiency of the financial statements audit.
Protecting Resources While Pursuing your Mission: Marks Paneth’s Annual Nonprofit Industry Update
By Hope Goldstein | January 7, 2020
Hope Goldstein, Co-Partner-in-Charge of Marks Paneth’s Nonprofit, Government & Healthcare Group shares key takeaways from Marks Paneth’s annual nonprofit industry update seminar.
The Benefits of Obtaining a Federally Approved Indirect Cost Rate
By Raymond M. Blake | April 1, 2019
While many social service type nonprofits receive some government funding to operate programs that fulfill their mission, it is often derived from a local government. Nonprofits can also get federal government funding and establish an Indirect Cost Rate through negotiations with their cognizant federal agency.
The New Centralized Partnership Audit Regime
By Steve Brodsky | January 4, 2019
As previously advised by our Real Estate Group, 2018 partnership returns will be subject to a new IRS audit regime.
Government Update: Effects of Tax Reform on Local Government
December 20, 2018
The Tax Cuts and Jobs Act of 2017 (Public Law 115-97) (“TCJA”) is the most sweeping tax reform measure in more than 30 years.
Changes to Governmental Fund Accounting are on the Horizon
By Warren Ruppel | October 2, 2018
The Governmental Accounting Standards Board (GASB) is considering some important changes to the overall financial reporting model originally introduced for use by governments in GASB Statement 34. This is not a complete rewrite of the current financial reporting model, but rather a focus on several areas where the GASB believes potential changes should be considered.
The Care Coordination Model: A Path to Managed Care
By Joseph J. Kanjamala | October 2, 2018
Managed care is a healthcare delivery system that coordinates the provision, quality and cost of care for its enrolled members. Medicaid managed care provides for the delivery of Medicaid health benefits and related services through contracts between a state and managed care organizations (MCOs).
Internal Control Considerations for Automated Systems in Nonprofit Accounting
October 2, 2018
Automation is an evolving trend that has affected nonprofit accounting departments for many years.
GASB Issues Statement Providing Clarity on In-Substance Defeasance of Debt
October 2, 2018
In May 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 86, Certain Debt Extinguishment Issues.
Out with the Old and In with the New Financial Reporting Standards for Nonprofits
By John D'Amico | October 2, 2018
It has now been twenty-five years since the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements for Not-for-Profit Organizations
NONPROFIT & GOVERNMENT TIMES, Q3 2018
October 1, 2018
In the latest issue of the Nonprofit & Government Times newsletter, our industry experts provide guidance on industry changes, such as new accounting standards, managed care implementation, automation and cybersecurity.
Introduction to GASB 87 Leases
By Warren Ruppel | May 29, 2018
The Financial Accounting Standards Board (FASB) is not the only standard-setting body to address updates to lease accounting procedures. State and local governments and governmental entities need to be aware of a similar standard that was issued by the Governmental Accounting Standards Board (GASB). Similar in concept to the FASB standard (discussed on page 4), GASB 87 Leases contains some significant differences.
What You Need to Know About Pass-Through/Subrecipient Relationships Under the Uniform Guidance
By John D'Amico | November 3, 2017
In this article, John D’Amico, Director with our Professional Standards Group, outlines the responsibilities of a pass-through entity under “legacy” OMB Circular guidance, as well as a relatively new rule stemming from the 2014 issuance of the Uniform Guidance.
Ensuring Nonprofit Compliance with the Federal OMB Uniform Guidance and NJ's Circular 15-08 OMB
By John D'Amico | March 13, 2017
The federal OMB’s Uniform Guidance requires New Jersey-based nonprofit organizations with fiscal year expenditures greater than $750,000 to have a Single Audit. Organizations that receive new or incremental federal funding either directly from a federal agency or passed-through from the state or a local government after December 24, 2014 need to follow the federal OMB’s Uniform Guidance. For federal grants awarded prior to that date, OMB Circulars (A-110 and A-122 for nonprofits) are still in effect.