Nonprofit Resources
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.
Navigating the Coming Financial Aid Changes
August 3, 2023 - This is a challenging time for higher education financial aid directors, with significant changes on the horizon and no defined processes for maintaining compliance with the regulations. Here are some steps to help you prepare.
The Fiscal Responsibility Act and the Employee Retention Credit
June 14, 2023 - The Fiscal Responsibility Act of 2023 includes provisions to rescind unobligated funds related to COVID-19 relief. This has led to questions about whether the Employee Retention Credit is affected by the new law.
2023 OMB Compliance Supplement Now Available; Includes GLBA Changes
May 25, 2023 - The 2023 Compliance Supplement from the Office of Management and Budget has been released. It is effective for audits* of fiscal years beginning after June 30, 2022, and contains notable changes in the Student Financial Assistance Cluster related to the Gramm-Leach-Bliley Act (GLBA).
Indiana Enacts Updated Sales Tax Rules Exempting Churches and Some Nonprofits
May 16, 2023 - Under Indiana’s new sales tax rules, which go into effect on July 1, 2023, churches and some nonprofit organizations will be exempt from collecting sales tax on all sales of tangible personal property.