Why Do Nonprofits Need Financial Statement Services? Part 2: Federal Compliance
Federal compliance requirements like single audits require nonprofits to have financial statement services performed.
Accounting System Compliance Risk – Before and After Contract Award
Government contractors should perform an internal assessment of their compliance before an audit is performed and participate in the audit process to ensure a favorable result.
The Davis-Bacon Act and the Construction Industry
2022 proposed changes to the Davis-Bacon Act could have complex implications for federal construction contractors, who are already dealing with prevailing wage requirements from recent legislation.
Idle or Not Idle? That is the Question
The pandemic and the resulting changes in employee work routines and locations have created a potential cost-allowability issue that many government contractors have not previously encountered – potential idle facilities and/or idle capacity.
Why Do Nonprofits Need Financial Statement Services? Part 1: State and Grantor Compliance
Nonprofit compliance requirements vary from state to state. Private foundations, agencies, and other grantors often have their own requirements, too. It’s important for organizations to understand what these are before accepting any funding.
New Form 990-N Sign-In Process
Starting August 1, 2022, Form 990-N filers – small nonprofits – are required to use a more streamlined, modern online filing system. ID.me, the IRS’s ID authentication system, will be required for new users.
So, You Think You Know Unallowable Costs?
Learn about unallowable costs and what determines a costs' allowablility. We also provide a listing of FAR and DFARS clauses that are considered to contain expressly unallowable costs subject to penalties.
Update on 100 Percent Meals Deduction for Contractors
Construction contractors and other taxpayers can maximize year-end tax planning with the 100% meals deduction, which will be reduced to 50% on January 1, 2023.
UBIT Primer for Exempt Organizations
Exempt organizations may be subject to extra taxes on certain income-generating activities. Many don’t fully understand the rules on unrelated business income, and could be unknowingly putting their organization at risk with the IRS.
What Is the Interest Rate’s Impact on Residential Real Estate?
Rising interest rates and inflation are impacting the residential housing market, but to what degree? The market is volatile and uncertain in every sector from existing and new homes and home improvement to multi-family construction.