At the 6th Annual Marks Paneth Nonprofit Industry Update Seminar, there was much discussion about how the rapid pace of change in accounting standards, taxation, technology and compliance – compounded by the COVID-19 pandemic – has intensified the normal challenges that nonprofits face. The October 7 virtual seminar presented by Marks Paneth LLP, the Top 50 accounting, tax and advisory firm, brought together more than 300 nonprofit leaders to explore practical solutions to their issues, including compliance and regulatory changes.
Watch the seminar sessions below.
FASB EXPERTS DISPEL CONFUSION ABOUT GIFTS IN KIND (GIK), LEASE ACCOUNTING
Senior experts Jeffrey Mechanick and Jeffrey Gabello from FASB discuss the new GIK presentation and disclosure standards covered in ASU 2020-07, as well as the distinct purposes and effects of operating leases.
DEMYSTIFYING EMPLOYEE RETENTION CREDITS (ERCs)
Jay Brower, Marks Paneth Partner and State and Local Tax leader, examines why nonprofits looking to qualify for ERCs, a form of payroll tax credit, must maintain solid payroll records and make timely amended tax filings.
UTILIZING DATA ANALYTICS FOR IMMEDIATE BENEFITS
Sibi Thomas, Partner, Marks Paneth Nonprofit, Government & Healthcare Group; and Bryan Whalen, Marks Paneth Data Analytics Supervisor, demonstrate the significant benefits provided by straightforward data analytics dashboards.
CLARIFYING COVID-19 PROVISIONS, FORM 990 CHANGES
Magdalena Czerniawski, Partner, Marks Paneth Nonprofit, Government & Healthcare Group, discusses Form 990 changes as well as the ongoing impact of COVID-19 provisions, including payroll tax deferment and student loan assistance extensions.
Learn more about how Marks Paneth can provide guidance to your nonprofit at markspaneth.com/nonprofit.
