Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…
Implementation Of GASB 87, Leases By: Sam Thompson, CPA In 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement (GASBS) No. 87, Leases (GASBS 87). GASBS 87 represents a significant change in accounting and financial reporting for leases by governments. After an 18-month postponement provided by GASB Statement No. 95, Postponement of the Effective Read More…
In the face of the “Great Resignation” and rising inflation, organizations are taking a second look at the size of their salary increase budgets. For the last decade, budgets for merit increases have hovered around 3%. Now, salary increase budgets are on the rise to levels not seen in years, according to BDO’s first-quarter 2022 Read More…
By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.” Prior to the ASU, only voluntary health and welfare organizations had a requirement to include the statement of functional expenses as part of Read More…
On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans). The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…
2021 was undoubtedly a challenging year. Between drops in funding, canceled events and programs, the onset of the “Great Resignation” and other hurdles, nonprofit organizations had to reimagine operations and prioritize financial health to sustain mission-driven work. Now, they’re faced with a pivotal moment to turn crisis into opportunity. Despite COVID-19’s toll on health and Read More…
This week New Jersey non-profits received some welcome financial relief. On January 18, 2022, Governor Phil Murphy signed legislation raising the State’s audit threshold for non-profits from $500,0000 to $1,000,000 in gross revenues. In addition, the new legislation allows non-profits to exclude from gross revenues the value of in-kind donations that are directly related to Read More…
The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…
On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program. This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program. $10 million dollars has been allocated to the Business Lease Program, with Read More…
On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program. This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program. $15 million dollars has been allocated to the Business Lease Program, with Read More…
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