Nonprofit Resources
IRS Issues ERC Disallowance Letters and Releases More Warning Signs
August 8, 2024 - The IRS has begun sending letters to organizations denying their Employee Retention Credit claims. These letters typically require some form of response within 30 days of issuance. The IRS also released five new warning signs of incorrect ERC claims.
IRS Provides an Update on Employee Retention Credit Claim Processing
June 21, 2024 - The IRS has provided an update on Employee Retention Credit (ERC) claim processing, including whether it will lift the processing moratorium in place since last September. Here are the key takeaways.
2024 OMB Compliance Supplement Now Available
June 11, 2024 - The 2024 Compliance Supplement, which applies to entities subject to audits* in accordance with 2 CFR Part 200, has been released by the U.S. Office of Management and Budget. Here’s a summary of key changes, including changes in the Student Financial Assistance Cluster and information on the effective date for the new threshold for Single Audits.
Overview of the Amended Title IV Regulations Effective July 1
May 28, 2024 - Learn about the amended Title IV regulations related to financial responsibility with our latest article and download our helpful summary of triggering events.
New Department of Labor Overtime Rule for Exempt Employees Finalized
April 26, 2024 - A new Department of Labor rule that increases the salary thresholds required to exempt a bona fide executive, administrative, or professional employee from federal overtime pay requirements has been finalized. The first salary threshold increase will go into effect on July 1, 2024.
IRS Delays Requirement to File Form 1042 Electronically
February 29, 2024 - The IRS has delayed the requirement that IRS Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, be filed electronically in calendar year 2024.
Key Federal Tax Figures for 2024
February 1, 2024 - Our 2024 Key Federal Tax Figures summary is designed to be a helpful reference tool throughout the year. Download or print your free copy.
Updates for Institutions that Participate in Title IV Programs
November 9, 2023 - Two recent amendments affect higher education institutions that participate in Title IV programs. It is important to be aware of these changes to help ensure compliance at your institution.
IRS Launches Process for Withdrawing Employee Retention Credit Claims
October 25, 2023 - Certain employers concerned about the accuracy of a pending Employee Retention Credit claim can use these steps to avoid potential repayment, interest, and penalties.
Next Steps as IRS Halts Processing of New ERC Claims Through End of Year
September 15, 2023 - The IRS has immediately halted the processing of new Employee Retention Credit claims and promised a settlement process for ineligible claims. Learn more with our email alert.