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Month: September 2020

Nonprofit Updated Guidance on Reporting for ‘Gifts In Kind’

By Diana Miller On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Nonprofits have been challenged to measure the value of the multitude of contributions they receive (which is not always easy) and are often scrutinized by watchdog agencies, donors, or other regulators. The reason for this update is to improve transparency...

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Unemployment Fraud Alert

By Lisa Calick The increased number of unemployment filings over the past few months in the wake of the COVID-19 pandemic has led to a surge in the number of fraudulent claims filed, as reported by many states across the country.  In many cases, third parties attempt to file for unemployment insurance benefits using the name and personal information of someone else who is not out of work.  Employers are finding they are receiving claim notices for individuals that are either actively...

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New York State Paid Sick Leave Law

By Lisa Calick All New York State employers will soon need to abide by a new paid sick leave law, which takes effect on September 30, 2020.  Whereas local jurisdictions such as New York City and Westchester County have existing paid sick leave laws in effect, there was previously no statewide mandate. The amount of sick time provided will vary based on the employer’s size and net income from the previous tax year: Employers with 4 or fewer employees, and a net income of $1 million...

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FFCRA Paid Leave Update: Return to School

By Lisa Calick On August 27, 2020, the United States Department of Labor issued new guidance in the form of three additional FAQs to define when a school is considered closed for purposes of leave entitlements under the Families First Coronavirus Response Act. The additional guidance covers three scenarios: Hybrid Learning When the school operates through hybrid learning, students attend in-person on certain days and through remote learning on other days.  In these situations, the...

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