BLS Insights

In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The purpose of this ASU … Continued

On May 17, the Internal Revenue Service and the Department of Treasury announced additional details and changes surrounding the Child Tax Credit (CTC) outlined in the American Rescue Plan. The … Continued

The IRS has an enormous backlog of unprocessed mail, which includes paper returns and extensions, due to the closing of its processing centers for several weeks during the pandemic and … Continued

This week I received a letter in the mail stating my family was automatically enrolled to receive benefits under Delaware’s Pandemic Electronic Transfer (P-EBT) program. Delaware’s P-EBT Program provides food … Continued

Regardless of the individual mission, every nonprofit share a common goal: to raise awareness and funding to propel its mission forward. And, when prospective donors are determining what charity is … Continued

On April 21, the Internal Revenue Service and the Treasury Department issued a fact sheet detailing information about the tax credits available under the American Rescue Plan. The intent is … Continued

In March of 2020, we discussed M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations in … Continued

PPP Extension Act of 2021 On March 30, President Biden signed into law the PPP Extension Act of 2021. The Paycheck Protection Program, which was scheduled to expire on March … Continued

Just as many CPAs and taxpayers anticipated, states have started to extend their tax return due dates. Read our previous update titled, Tax Deadline for Individuals Extended to May 17. … Continued

On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The $1.9 trillion bill is extensive and we have outlined important details for our … Continued