The Financial Accounting Standards Board (FASB) issues new non-profit accounting standard (ASU 2020-07) for gifts-in-kind. The new standard, which is effective for annual reporting periods beginning after June 15, 2021, doesn’t change what in-kind gifts must be recorded or the criteria to record such gifts, but does increase the financial statement transparency, presentation and disclosures of gifts-in-kind.
The Ohio Minimum Wage applies to organizations with revenues over $385,000
As of January 31, 2020, all 1023's must be filed electronically through Pay.Gov. Forms 1024 and 1024-A are not impacted by this new requirement
Starting with 2021 information returns the electronic filing threshold is reduced from 250 to 100 or more forms filed in 2022 for the tax year 2021
The bill is effective March 22, 2022 and details about the specifics are still emerging