SBA Issues Rule Changes with Impacts for 8a Government Contractors
On December 17, 2024, the U.S. Federal Register published an important amendment to the Code of Federal Regulations (CFR), referenced as 89 FR 102490. Effective January 16, 2025, and amended on January 21, 2025, this update impacts several areas of regulatory compliance and operations, with significant implications for affected industries, specifically those that participate in…
Reevaluating and Realigning United States Foreign Aid
On January 20, 2025, the President signed the Executive Order, Reevaluating and Realigning United States Foreign Aid. An Executive Order (EO) states mandatory requirements for the Executive Branch and have the effect of law. What is the Effect of the EO? In a nutshell, all department and agency heads with responsibility for United States foreign…
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…
Clean Energy Tax Credits for Nonprofit Organizations
The Inflation Reduction Act of 2022 (“IRA”) includes a host of tax incentives intended to accelerate investments in clean energy solutions. Nonprofit organizations that participate in clean energy projects or investments may benefit from these incentives. Proposed regulations under the IRA allow tax-exempt organizations to benefit from certain clean energy credits, by electing direct payment…
OMB Releases Pre-Publication of Final Guidance on Federal Financial Assistance
In its most substantial update to the guidance since December 2014, the Office of Management and Budget (OMB) has submitted final guidance on Federal Financial Assistance for publication in the Federal Register. Recipients of federal funding through grants, contracts, and cooperative agreements should review the new guidance and reexamine their internal policies and procedures to…
Donor Records Exposed In DonorView Data Breach
Nearly one million donor records were discovered in an unprotected online database owned by DonorView, a cloud-based donor management tool used by more than 200,000 nonprofit organizations. A cybersecurity researcher discovered the exposed data and reported to DonorView in early October. The data was secured several days later, but it is not clear how long…
IRS Stops Employee Retention Credit Processing
Last week, the Internal Revenue Service (IRS) announced an immediate moratorium on the processing of all new Employee Retention Credit (ERC) claims. The stoppage will allow the agency will issue new safeguards to address abuse and protect businesses from predatory tactics. The IRS is also working with the Justice Department to pursue fraud resulting from predatory marketing.
Congress Issues RFI Regarding Political Activities of Tax-Exempt Organizations
The Committee on Ways and Means of the House of Representatives (the Committee) has issued a Request for Information (RFI) for information from stakeholders and the public regarding the activities of 501(c)(3) and 501(c)(4) organizations.
Beware Third Party Solicitations Regarding Employee Retention Credit Claims
CPAs are receiving inquiries from clients contacted by third parties about the Employee Retention Credit (ERC). There is still time to claim the credit if your organization qualifies.
Biden Signs Inflation Reduction Act with New Clean Energy Incentives
GRF tax experts offer some preliminary highlights from the new legislation, including tax breaks and clean energy incentives.