Posts by Aprio Publisher
Not-For-Profit GAAP: Defining Equity Transfer and Equity Transaction
An equity transfer is a nonreciprocal transfer between related not-for-profit (NFP) organizations, where one of the not-for-profits owns the other or the entities are under common control. They do not require repayment and are effectively a gift. For example, NFP “A” is the parent organization to NFP “B.” NFP “A” transfers resources to NFP “B,” with…
Read MoreService Contract Labor Standards (SCLS) Minimum Health & Welfare Amounts Increased
Effective July 16, 2021, the US Department of Labor (DOL) increased the prevailing health and welfare (HW) fringe rate under the McNamara-O’Hara Service Contract Act (SCA), or Service Contract Labor Standards (SCLS), to $4.60 an hour. The new rate is a $0.06 increase from the previous rate of $4.54 an hour. This rate applies to…
Read MoreRehiring Workers? Hospitality Operators Should Consider the Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) can serve as a viable tool to many businesses as they continue to recover and reopen their doors. While restaurants, hotels, distributors and many other retail businesses in particular had to reduce their workforce to stay afloat throughout the pandemic, programs like the WOTC could provide these companies further…
Read MoreTop Tools to Mitigate Hiring Risks in Your Business
Schedule a meeting with Aprio Human Capital Services for help with conducting thorough background checks. The full story: There are many tools and strategies businesses use to reduce hiring risks within their organization. But perhaps the most important methodology at an HR team’s disposal is what we at Aprio like to call “PUREs,” or “previously…
Read MoreIRS Audit Campaigns – S Corporations
The IRS’ Large Business and International (LB&I) Division has several active campaigns targeting S corporations. LB&I handles business entities reporting assets in excess of $10 million. The purpose of audit campaigns is to identify potential noncompliance areas to focus on issue-based examinations and allocating their tax examination resources to taxpayers that will likely yield more tax…
Read More4 Reasons Why You Should Outsource Your Payroll
Schedule a meeting with Aprio Human Capital Services to learn more about outsourced payroll. The full story: Are you spending way too much time on payroll? Do you lose sleep worrying about potential mistakes or slip-ups that could negatively affect your employees? Count yourself among many time-pressed business owners who struggle with payroll. But you…
Read MoreThe Redesigned 990-T, Take 3
While the Form 990 has not seen many changes since it was radically redesigned in 2008, the same cannot be said for the Form 990-T, Exempt Organization Business Income Tax. Exempt organizations with unrelated business taxable income will be filing on a form that has been updated three times over three years, with the most…
Read MoreWhat are Donor-Imposed Conditions?
Donors can impose two different types of stipulations on contributions provided to nonprofits, restrictions and conditions. While donor-imposed restrictions specify the use and are usually easier to identify, as they limit what you spend the contributed funds on, donor-imposed conditions are more restrictive and often limit how you spend the contribution. Donor-imposed conditions should be…
Read MoreNonprofit Revenue Recognition: Contribution Vs. Exchange Transaction
In order to apply the correct revenue recognition accounting, nonprofits must consider if a transaction is a contribution or an exchange transaction. At times, it’s not as easy as it reads. Poorly written agreements, misinformation and confusion interpreting the accounting standards can make this process seem overwhelming. First, let’s take a look at the definitions:…
Read MoreExtension of Single Audit Filing Deadlines
On March 19, 2021, the Office of Management and Budget (OMB) released Memorandum M-21-20, Promoting the Public Trust in the Federal Government through Effective Implementation of the American Rescue Plan Act and Stewardship of the Taxpayer Resources. The memo is eleven pages and addresses several topics surrounding the American Rescue Plan Act (ARPA). Towards the…
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