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Industry Alerts

We keep a close eye on important developments that could affect your organization, and distribute this information to our clients through industry alerts.

May 26, 2017 Grace Period for Implementation of the New Procurement Standards Should Not Delay Your Organization's Preparation
 

Announced last week, OMB has provided an additional one-year postponement for implementation of the new procurement standards set forth under Uniform Guidance, Title 2, CFR 200. With the grace period extending through December 25, 2017 for non-Federal entities, the new implementation date will start for fiscal years beginning on or after December 26, 2017. Click here for the May 17, 2017 announcement.

Aug 9, 2016 New Regulations to Notify the IRS of Intent to Operate Under Sec. 501(c)(4)
 

Generally, 501(c)(4) organizations are not required to file Form 1024 to seek tax-exempt status; they may “self-declare”. As a result, until a self-declared 501(c)(4) filed a Form 990, the IRS had no record of its existence. The Protecting Americans From Tax Increases (PATH) Act of 2015 added Section 506 to the Internal Revenue Code. This new provision requires an organization described in Section 501(c)(4) to notify the IRS within 60 days of formation of its intent to operate as such. Recently, the IRS issued regulations, effective on July 8, 2016, along with Revenue Procedure 2016-41. Together these documents provide clear instructions on the manner in which to notify the IRS that an organization is operating as a 501(c)(4) organization.

Mar 22, 2016 Beware: Phishing Scheme Involving W-2s
 

There has been an elaborate phishing scheme this tax season that attempts to trick human resources and payroll professionals into revealing employees’ personal information, including names, email addresses and Social Security Numbers. Cybercriminals pose as executives in emails in an attempt to secure this data.

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The 2010 audit was a pleasant experience for us. I was impressed with the work of Partner Jim Larson and Supervisor Sara Kennedy.

Elena Anderson |  Director of Finance and Operations
Asian and Pacific Islander American Scholarship Fund