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M.S. Febrey M.S. Febrey

Nonprofit

Remote Church Audits More Commonplace

April 29, 2020April 29, 2020 audit, Blog, Nonprofit

If your church is required or prefers to have an audit, conducting the process remotely helps to reduce stress, while accomplishing the same goal—a high-quality audit. It’s important to know that a remote audit adheres to the same obligations to […]

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Nonprofits – Claim Your UBIT Refund or Credit

February 12, 2020 Blog, Nonprofit, Tax

According to the IRS, “The Taxpayer Certainty and Disaster Tax Relief Act of 2019 retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), which increased unrelated business taxable income (UBIT) by amounts paid or incurred for qualified transportation fringes.” What does […]

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Tax Changes and Regulations Impacting 2020

January 17, 2020January 17, 2020 Accounting News, Blog, Nonprofit, Tax

Parsonage Allowances U.S District  Court found that the non-taxability of parsonage allowances was unconstitutional in the case of Gaylor v. Mnuchin. This decision was overturned by the Seventh Circuit Court on March 15, 2019, which found that the provision (Code […]

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How the New FASB Standard Impacts Nonprofit Audit Fees

August 7, 2019November 25, 2019 Accounting News, Blog, Nonprofit

It’s hard for nonprofit executives to put a price on an audit, for good reason. They are difficult to conduct due to several factors, including the auditor’s time to complete the task, the amount of risk an auditor must assume, […]

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3 Advantages of a Nonprofit Independent Audit

July 22, 2019November 25, 2019 Accounting News, Blog, Nonprofit

The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state, and local government agencies require audits, as do some banks and foundations. Generally, the requirements […]

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IMPORTANT UPDATES

July 1: IRS increases mileage rate for the remainder of 2022 to 62.5 cents per mile. Learn more.

March 15: SBA Announces Existing COVID-19 EIDL Program Borrowers to Receive an Additional Deferment

Feb. 18: The IRS is successfully processing tax returns and delivering refunds starting January 24.

Feb. 16: IRS provides details on relief for Schedule K-2 and K-3 reporting and new frequently asked questions (FAQs)

Feb. 14: IRS suspends more than a dozen automated notices, including collection issues. Visit IRS.gov for payment options.

Jan. 8: Tax filing deadline is April 18, 2022. Why the extension?

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  • Individual Federal and MD State Tax Deadline Shift

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Gaithersburg, MD 20878

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Tax Return Due Date 2022

Federal: Monday, April 18, 2022
MD/State: July 15, 2022

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