The typical defrauded not-for-profit loses $75,000 per fraud incident, according to the Association of Certified Fraud Examiners. And that doesn’t account for the negative publicity and subsequent lost donations and support that often follow fraud. Although no preventive measure is 100% effective, strong internal controls can greatly reduce the risk that a crooked staffer or ... Read More ›
The Internal Revenue Service (IRS) regulations require employer identification number (EIN) holders to update their responsible party information within 60 days of any change by filing Form 8822-B. The responsible party information is defined as the individual or entity who “controls, manages, or directs the applicant entity and the disposition of its funds and ... Read More ›
The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA).
The guidance ... Read More ›