On May 6, 2011, the Internal Revenue Service (IRS) released final regulations that delay the mandatory three percent (3%) withholding on certain payments made by government entities. In general, the 3% withholding, which was scheduled to go into effect beginning next year, will apply to each individual payment over $10,000 made from federal, state and [...]
In the current issue of Disclosures, the official magazine of the Virginia Society of CPAs, CB&H’s John Montoro discusses our current economic situation and why it is more critical now than ever to establish thorough reporting on intergovernmental financial dependency. Prior to passage of the American Recovery and Reinvestment Act (ARRA), state and local governments [...]
A federal single audit is required if a not-for-profit organization expends $500,000 or more in a year in federal awards. In the past, certain not-for-profits did not expend enough federal awards to “trigger” a federal single audit. However, with the availability of federal funding under the American Recovery and Reinvestment Act (ARRA), many not-for-profits have [...]
