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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GRF periodically sends out email alerts to keep you updated on industry developments, legislative updates, and regulatory changes that could have an impact on your organization.

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Recent Alerts

Industry Alerts | Environmental, ESG, Tax Planning and Preparation | Nonprofits and Associations

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…

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Industry Alerts | Audit and Assurance, Compliance | Government Contractors, Nonprofits and Associations

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…

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Industry Alerts | Cybersecurity | Businesses and Individuals, Nonprofits and Associations

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…

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Industry Alerts | Advisory | Businesses and Individuals

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.

Industry Alerts

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.

Industry Alerts

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.

Articles, Industry Alerts | Nonprofit Tax, Tax Planning and Preparation

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.

Industry Alerts | Cybersecurity

“Shields Up” to Protect Your Organization from the Global Cybersecurity Threat

The Homeland Security Cybersecurity Infrastructure Security Agency (CISA) has warned Russia’s unprovoked attack on Ukraine, which has involved cybersecurity attacks on Ukrainian government and critical infrastructure organizations, may impact organizations both within and beyond the region. Every organization regardless of size should be prepared to respond to a cyber-attack. Take Proactive Steps Now There are some simple steps…

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Industry Alerts | Nonprofit Tax, Tax Planning and Preparation | Businesses and Individuals, Nonprofits and Associations

New Tax Provisions in the Infrastructure Investment and Jobs Act

On Monday, President Biden signed HR 3684, the Infrastructure Investment and Jobs Act, into law. The comprehensive $1.2 trillion infrastructure package authorizes funds for federal-aid highways, highway safety programs, and transit programs, and for other purposes. Included in the new law are a few tax provisions of note to taxpayers. Termination of the Employee Retention…

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Industry Alerts

IRS Releases More Guidance on Employee Retention Credit

August 11, 2021 The IRS released Revenue Procedure 2021-33, which provides additional guidance on employers claiming the employee retention credit (ERC) under the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136) (CARES Act). Of note in this guidance is the inclusion of a safe harbor for determining gross receipts for purposes of qualifying for…

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