Due to the effects the pandemic has had on organizations, auditors, accountants, and financial statement preparers need to brush up on the existing going concern requirements to be ready to address those situations. There will likely be few exceptions where organizations do not have some amount of doubt about events and conditions being present that could indicate a going concern problem.
The end of the year is in sight. Therefore, this is an appropriate time for a charitable organization to review 2020 operations and activities. Particularly this year, it’s a good time to consider what this year’s COVID-19 pandemic revealed about the organization.
The IRS recently posted guidance following passage of its Taxpayer Certainty and Disaster Tax Relief Act of 2019 explaining how nonprofits can seek refunds of the “parking tax.”
The summer issue of the Dugan & Lopatka Solutions for Nonprofits newsletter is now available.