Articles

Acts of self-dealing come in many forms, and it is vital that foundation managers and board members are mindful of the different types of self-dealing prohibitions and the potential consequences to the foundation and the individuals involved in the act.

By Vincent Abbruzzese, Senior Manager The CARES Act Provider Relief Fund (PRF) reporting portal has been officially opened and the reporting deadline for any combined PRF funds exceeding $10,000 received within the first reporting period (see table below) is due by September 30, 2021. The…

By Susan M. Barossi, CPA, Partner The U.S. Treasury’s Reporting Requirements and Deadlines Report 1 of the American Rescue Plan Act of 2021 (ARP) for Coronavirus State and Local Fiscal Recovery Funds (SLFRF) is due August 31, 2021. If a county or metropolitan city did…

By Eva Mruk, CPA, EA and Garrett M. Higgins, CPA Donor transparency versus donor privacy; substantial government interest versus an undue burden. This has been the subject of debate and litigation for nearly a decade. The First Amendment ‒ the fight to protect liberty, privacy,…

By Amber Stone, CPA, Manager After many delays, the implementation date for the new lease accounting standard is right around the corner. The standard, known as ASC 842, is effective for years beginning after December 15, 2021 for private companies and many not-for-profit organizations. For…

By Benjamin Beskovic, CPA, CGMA, Partner and Eric Gelb, CPA, Senior Managing Director One of the best ways to increase and preserve your family’s wealth is smart tax planning. Taxes often tend to be one of the most important negotiating points. With U.S. tax rates…

By Thomas J. DeMayo, Principal, Cybersecurity and Privacy Advisory As you may be aware, PKF O’Connor Davies specialists from various disciplines, including our IT consultancy practice, serve as the vCISO (a.k.a. virtual Chief Information Security Officer) for many outside businesses. This gives us the vantage…

By Emily M. Berger, CFA, Director of Investment Risk Advisory and Director, Sustainability, Financial Services Climate risk is the latest existential threat in the portfolio of 2021 worries. While most Americans have endured a brutally hot, humid and inclement summer, it can be hard to…

By Louis F. LiBrandi, Principal and Timothy J. Desmond, Partner In the May 2021 Employee Benefit Plans Alert headlined Cybersecurity Guidance for Retirement Plans, the specialists in our Employee Benefit Plans Group discussed the recently-released guidance from the Department of Labor (DOL) Employee Benefits Security…

Recipients of PPP loans have 10 months from the end of their 24-week covered period to apply for loan forgiveness before payments start coming due. For most loan recipients, that “due date” is right around the corner

By Christopher Migliaccio, JD, Senior Manager, Employee Retention Credit Leader Ever since the employee retention credit (ERC) became available to a far wider range of businesses in December, both employers and practitioners have found themselves frustrated by the uncertainty that came with a new piece…

By Alan S. Kufeld, CPA, Partner and Sandy Weinberg, JD, Principal For certain states, the pandemic has plagued tax revenue severely. To combat the shortfall, states such as New York and California have started, among other strategies, increasing their number of sales and use tax…