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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.

Nov 16, 2017 Monitoring Tax Reform for Our Clients
 

With last week’s release of the Senate package and the House of Representatives voting today on their bill, Congress remains intent on passing tax reform legislation before the end of the year. GRF will be scheduling a webinar in January to summarize major changes pending a late December passage of tax reform legislation. Upcoming events are posted on our website here.

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.

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Bob Albrecht has been our auditor for almost a decade for very real reasons.  He is a true professional who takes a pragmatic approach to operating in the most difficult of environments.