OMB has proposed significant revisions to Title 2 CFR, including renaming the Uniform Guidance as the Uniform Grants Regulation and updating federal financial assistance requirements. This article outlines key changes, compliance impacts, and deadlines affecting federal award recipients and auditors.
The IRS has expanded its Business Tax Account and updated key compliance processes for nonprofits, including Form 8976 submissions, Form 990-T extension rules, and elective payment pre-filing support. Here’s what organizations need to know.
The AICPA FinREC is requesting feedback on proposed Audit Guide updates addressing ASU 2025-07, which refines derivatives scope exceptions and impacts how nonprofits account for conditional programmatic loans. This article explains how loan forgiveness provisions may now fall under contribution accounting instead of embedded derivative treatment, and what nonprofits should review before implementation.
OMB has proposed significant revisions to Title 2 CFR, including renaming the Uniform Guidance as the Uniform Grants Regulation and updating federal financial assistance requirements. This article outlines key changes, compliance impacts, and deadlines affecting federal award recipients and auditors.
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