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.

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July 22, 2019

FASB Votes to Delay Effective Dates for Major Accounting Standards

The Financial Accounting Standards Board (FASB) voted last week to propose a delay of the effective dates for three major accounting standards for private companies, nonprofits and small reporting companies. One of these proposed changes would provide more time for nonprofit organizations to implement the lease accounting standard, now proposed to take effect in January…

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July 22, 2019

District of Columbia Unclaimed Property Self-Audits by Nonprofit Organizations

Earlier this year, GRF published a blog post on state unclaimed property laws that noted the state initiatives for self-audits by taxpayers, including nonprofit organizations. Members of GRF’s Nonprofit Tax Team have been contacted recently by a number of Washington, DC-based nonprofits regarding a DC Self-Audit Notice. It is our understanding that many states, including…

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July 9, 2019

Nonprofit Filing Changes Under the Taxpayer First Act

By: Janna Goudarzi | Nonprofit Tax Manager Signed into law by President Trump on July 1, 2019, the Taxpayer First Act (the Act) was proposed to modernize and improve the Internal Revenue Services (IRS). The new law requires all tax-exempt organizations with a filing requirement (Forms 990, 990-PF, 990-EZ, and 990-T) to do so electronically….

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March 5, 2019

Update on DC Tax Exempt Organization Renewal

As a follow up to the Industry Alert sent on December 18, 2018, Gelman, Rosenberg & Freedman CPAs’ (GRF) Nonprofit Tax group is reminding organizations that the District of Columbia (DC) Office of Tax and Revenue (OTR) has begun expiring all DC tax exemptions issued more than four years ago. The renewal process itself has…

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December 18, 2018

DC Tax-Exempt Organizations Should Proactively Renew Their Status for 2019

Starting January 1, 2019, the District of Columbia (DC) Office of Tax and Revenue (OTR) will begin to expire current DC tax-exempt status and require each tax-exempt organization to renew its exemption or be reclassified as a taxable entity. To ensure that your organization’s DC tax exemptions (including income, sales or property tax) do not…

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December 12, 2018

IRS Releases Interim Guidance on Parking Fringe Benefits and Penalty Relief

On December 10, 2018, the IRS issued long-awaited interim guidance to tax-exempt organizations under Internal Revenue Code (IRC) Section 512(a)(7). Notice 2018-99 provides guidance on determining the amount of parking expenses for qualified transportation fringe benefits (QTFs) that are now unrelated business taxable income (UBTI). On the same day, the IRS also issued Notice 2018-100…

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September 4, 2018

Consider Federal and State Tax Changes in Your Year-End Tax Planning

With summer coming to an end, it is not too early to think about year-end tax planning, particularly in light of U.S. tax reform and major developments like the Wayfair ruling. The CPAs at Gelman, Rosenberg & Freedman (GRF) are keeping clients informed as more clarity emerges around these landmark changes, and we work with…

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August 1, 2018

Wayfair Ruling: Sales Tax Implications for Nonprofits

According to the recent U.S. Supreme Court ruling in South Dakota v. Wayfair, online sellers may be required to collect sales taxes even if the sellers do not have a physical presence in that state. This decision may have far reaching consequences to online sellers, including nonprofits. Nonprofits are often exempt from paying sales tax on items…

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July 19, 2018

IRS Revises Schedule B Requirements for Some Nonprofits

The IRS released Revenue Procedure 2018-38 on July 16, which modified the Schedule B filing requirements for tax-exempt organizations exempt under IRC section 501(c) other than 501(c)(3) organizations. Non-501(c)(3) organizations, like 501(c)(4) social welfare organizations or 501(c)(6) trade associations, will no longer have to report the donors’ names and addresses on Schedule B. Schedule B…

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April 9, 2018

Update: Tax Cuts and Jobs Act’s Impact on Tax-Exempt Organization

Despite all the attention around the Tax Cuts and Jobs Act (TCJA), many questions remain unanswered with respect to the new tax law enacted in December. Among the most commonly asked questions is whether post-December 31, 2017 parking/commuting expense payments made by employers from employee salary deferrals are unrelated business income (UBI). While an Internal…

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