HOUSE WAYS AND MEANS COMMITTEE RELEASES INITIAL TAX PROPOSALS On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee over the next few days. Most tax proposals were anticipated; however, the House…
The Uniform Guidance – Some Ongoing Pitfalls By Matthew Cromwell, CPA, BDO We find ourselves years into the implementation of Title 2 Code of Federal Regulations (CFR) 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). However, a few recurring matters continue to arise that lead to audit findings. This article will discuss…
Triaging Data Breaches By Mark Antali, BDO A data breach is one of the worst things that can happen to nonprofit organizations, their clients, donors and volunteers. When malicious perpetrators gain unauthorized access to financial information or other personal data, they can steal identities, exfiltrate intellectual property and can cause reputational damages that will affect…
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Dear Friends, With the May 17th tax deadline out of the way, it would be a good idea to continue to keep your tax planning at the top of your mind. As accounting industry leaders, our goal remains to keep you informed of the important tax updates. In this issue, you’ll read more about the…
Dear Friends, As you may know, 2021 marks the 80th Anniversary of the GJC legacy! One of the ways we are celebrating this year is by donating to at least 80 nonprofit organizations. Our core remains the same today as it was when we started in 1941, which is to support our community and enrich…
Dear Friends, As you may know, 2021 marks the 80th Anniversary of the GJC legacy! One of the ways we are celebrating this year is by donating to at least 80 nonprofit organizations. Our core remains the same today as it was when we started in 1941, which is to support our community and enrich…
On March 25, 2021, the PPP Extension Act of 2021 was passed by the Senate, sending the legislation to President Joe Biden for his signature, just days before the Paycheck Protection Program application cycle was set to expire. The Bill extends the PPP2 application cycle to May 31, 2021 and also provides an additional 30…
On March 17, 2021, the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May…
The Coronavirus Aid, Relief and Economic Security (CARES) Act was a rapid response by the federal government to help businesses and employees cope with the economic issues caused by the pandemic. Many aspects of the wide-range law make significant changes affecting employer-sponsored retirement plans and their participants. Since Congress passed the CARES Act in March…