IRS Guidance for Nonprofits Claiming Clean Energy Credits – Form 990-T
If your tax-exempt organization is submitting Form 990-T solely to claim applicable clean energy credits under the Inflation Reduction Act, the IRS has released a new video to help. The video is posted on the IRS StayExempt site and is called “Filing Form 990-T for Elective Payment Election Only.” This 29-minute video and accompanying PDF…
Key Lessons Learned from CECL Implementation
The implementation of the Current Expected Credit Loss (CECL) model marks a significant shift in how nonprofits approach financial reporting and credit loss estimation. Introduced by the Financial Accounting Standards Board (FASB), CECL requires organizations to estimate expected credit losses over the life of a financial asset, replacing the previous incurred loss model. As we…
Budgeting and Planning for 2025: Challenge Accepted!
Generated by AI and edited by Heather Broberg, Senior Manager, Accounting Technology Solutions Budgeting and forecasting are critical components of financial planning for any organization, yet they often pose significant difficulties. These processes are essential for setting financial goals, allocating resources efficiently, and making informed strategic decisions. However, the complexities involved can make budgeting and…
2024 Update on Retirement Plans: Recent Changes to Form 5500
Navigating the complexities of retirement plan reporting just got easier with the latest updates to Form 5500. These transformative changes promise to streamline processes, enhance data accuracy, and significantly reduce administrative burdens for plan administrators and sponsors. GRF hosted the 2024 Update on Retirement Plans webinar on May 16th, 2024, which delved into significant changes…
Update on Employee Retention Credit Claims
By Pam Harrison, CPA, Manager, Outsourced Accounting and Advisory Services As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted in 2020, the Employee Retention Credit (ERC) was established to assist businesses impacted by the COVID-19 pandemic. Unfortunately, the program later became a target for aggressive marketing efforts by ERC promoters…