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FASB OKs goodwill alternative for private cos., nonprofits

The Financial Accounting Standards Board approved a tweak to the goodwill rules for private businesses and not-for-profits, giving them more flexibility on when to do impairment assessments of triggering events.

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Nonprofits, businesses receiving PPP could face surprise audits

Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP loans are supposedly exempt.

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IRS improving e-filing and technology for tax-exempt orgs

The Internal Revenue Service is rolling out new systems and expanding the number of forms that can be electronically filed by tax-exempt organizations, while also dealing with some technology glitches resulting from the COVID-19 pandemic.

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New York sues to dissolve NRA, claiming massive financial fraud

New York is seeking to dissolve the National Rifle Association as the state attorney general accused the gun rights group and its current and former senior officials of engaging in a massive fraud against donors.

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IRS TE/GE commissioner Ripperda plans to retire

Tamera Riperda, the commissioner who runs the Internal Revenue Service’s Tax Exempt and Government Entities division, is retiring on Sept. 30 after 33 years at the IRS.

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