Nonprofit

Tax Notice 2020-18: What You Need to Know

This week in Notice 2020-18, the Treasury Department and the Internal Revenue Service (IRS) announced special federal income tax return filing and payment relief in response to the ongoing Coronavirus (COVID-19) emergency.  This notice expands on and supersedes 2020-17 issued on March 18, 2020.  Just as news of the virus changes frequently, so does the…

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Coronavirus Resource Guide for Business Owners

There is an ever-evolving flood of information being made available in response to the COVID-19 pandemic – what it means for businesses, owners and employees, federal and state guidance, clarity on specific issues such as insurance coverage and contractual obligations, what your business can do to be prepared under various scenarios, and much more. To…

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Coronavirus (COVID-19) Impact, Risk & Response Toolkit

Due to the rapid acceleration of the COVID-19 pandemic, countless organizations are putting together strategic plans in order to alleviate the potential effects on their operations, while continuing to meet the needs of their customers and constituents. As of right now, it is too premature to be able to evaluate the final outcomes this pandemic…

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Business Sustainability Checklist for Nonprofit Organizations During Crisis

During an unprecedented crisis such as the coronavirus (COVID-19) outbreak, an organization’s greatest chances of survival dramatically improve if it takes proactive measures to preserve cash immediately instead of taking a purely reactive “wait and see” mentality. The expression “cash is king” refers to the importance of cash flow in the overall fiscal health of a business.  This…

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Nonprofits, Tax Changes & The SECURE Act

On December 20, 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, the broadest piece of retirement legislation passed in 13 years. It went into effect on January 1, 2020. The President also signed into law several other Acts on the same day, which have become part of the Further Consolidated Appropriations…

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Nonprofit Grants & Contracts – It’s Time to Implement FASB ASU 2018-08

In June 2018, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2018-08, Clarifying the Scope of the Accounting Guidance for Contributions Received and Contributions Made. The update aims to minimize diversity in the classification of grants and contracts that exists under current guidance. Following are key considerations, as well as a flowchart…

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Managing Director Sherise Ritter Is Honored By RWJ Hamilton Foundation

Congratulations to Sherise D. Ritter, CPA, CGFM, CGMA, PSA, and her husband, Dr. George Rabito, co-recipients of the Annual Community Award at the Robert Wood Johnson University Hospital Hamilton Foundation’s Autumn Affair fundraising gala on November 8, 2019.  A managing director and co-chair of the Nonprofit & Human Services Group, Sherry is a tireless advocate…

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Alert for All Employers! Be Aware of Substantial Changes in NJ Employment Laws!

The State of New Jersey has made numerous changes to the employment laws in the last two years. Businesses large and small, as well as nonprofit organizations and government entities in New Jersey will need to adapt to meet the new requirements and reduce their exposure to enforcement actions and lawsuits. The following list of…

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The Near-Term for Nonprofits

I am happy to report that once again, Kyle, Lovepreet and I visited Washington, D.C. to attend the American Institute of CPA’s Annual Not-for-Profit Conference, held each summer.  While there, we packed in a lot of continuing education, discussions with peers, time with clients, and samples of new ethnic foods.  The three of us participated…

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The Risk of Medicaid Recovery Audits

In the health and human services sector, the years-long transition in the provider claims payment system – from contracted cost to fee-for-service reimbursement – is nearly complete.  One question that provider agencies now directly billing Medicaid are asking is: “When will we start seeing recovery audits?”  While recovery audits within waivered services in the State…

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