09.22.22
It Is Time To Vote: Watch Out for IRS Limits on Not-For-Profit Political Activities
The mid-term elections are almost here, and jockeying for the 2024 elections is not far behind. That makes this a good time to review the IRS rules regarding Section 501(c)(3) organizations and political activities. Noncompliance can lead to costly excise taxes and jeopardize your organization’s tax-exempt status. General prohibition The IRS is clear: Sec. 501(c)(3) […]

08.16.22
Tax Compliance: Understanding Tax Issues With Auctions
Auctions can be an effective way to raise funds at your not-for-profit organization’s fundraising events. However, preparing for an auction involves more than fun and games. Here are some suggestions that can help ensure that your organization does not run afoul of tax requirements. Related Read: Holding an Auction? Be Sure to Comply Acknowledge donated items […]

07.14.22
Data Analytics: Using Technology To Meet Your Organization’s Goals
In today’s technologically advanced world, data rules. But simply having highly relevant information will be of little use if your board of directors, management and staff do not know what to do with it. So how can your organization harness the power of data? You can use it in day-to-day decision-making and strategic planning. You […]

05.16.22
Not-For-Profit Group Newsletter – Spring 2022
ORBA's Not-For-Profit Newsletter examines how not-for-profits can achieve the greater financial stability that typically comes through diversification of revenue streams and highlights the revamped Public Service Loan Forgiveness (PSLF) program that is intended to provide debt relief to student borrowers who go into public service, including some not-for-profit employees.

02.25.22
Not-For-Profit Group Newsletter – Winter 2022
ORBA's Not-For-Profit Newsletter provides an overview of what not-for-profit lessees need to know about Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) and covers how the use of automatic enrollment has pushed participation in 403(b) retirement plans to the highest level since 2008.

12.06.21
Not-For-Profit Group Newsletter – Fall 2021
ORBA's Not-For-Profit Newsletter provides four best practices for successful virtual events and covers the latest trends in employee philanthropic behavior.

09.08.22
What Not-For-Profits Need to Know About ASC 842 Leases
The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 842, Leases, codifies significant changes to how lessees and lessors—including not-for-profit organizations—report and disclose lease obligations for fiscal years beginning after December 15, 2021. Is your organization prepared? Join ORBA Director Jim Quaid and ORBA Manager Kelly Buchheit in this complimentary webinar as they dive […]

05.18.22
The Financial Reporting Framework for Small- and Medium-Sized Entities: The GAAP Alternative for the Back Bone of America
As a banking professional, you’ve undoubtedly noticed that accounting principles generally accepted in the United States of America (US GAAP) has become increasingly complex in recent years, especially for the middle market companies who comprise the back bone of the US economy. With limited resources available to devote to the accounting function, software that does […]

04.20.21
Is Your Not-For-Profit Ready for the New Revenue Recognition Standards?
ASC 606 is effective for most organizations. Are you ready? ASC 606 deals with the reporting and disclosure of revenue recognition relating to contracts with customers (exchange transactions). For most not-for-profit organizations, the standards were originally effective in 2019 (or fiscal years ending in 2020). If your organization elected to defer the recognition of ASC […]

09.09.22
Inside Public Accounting Recognizes ORBA as a 2022 Top 200 IPA Firm
ORBA, one of Chicago’s largest public accounting firms, has been recognized as a 2022 IPA 200 Firm by INSIDE Public Accounting (IPA). Debuting on the list in 2013, this is the eight year that ORBA has made the list of the country’s Top 200 Firms. ORBA is ranked #119 on the list in the annual report – up from #131 the previous year. 

08.01.22
ORBA Promotes Dan Newman and Tamara Partridge to Directors
ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Dan Newman, CPA, MST and Tamara Partridge, CPA, MST have been promoted to Directors effective August 1.

04.28.22
ORBA Wins 2022 Top Workplaces Culture Excellence Award
ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that it has earned the 2022 Top Workplaces Culture Excellence Awards for Compensation & Benefits, Innovation and Leadership.

08.16.22
The Inflation Reduction Act Includes Wide-Ranging Tax Provisions
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA), and President Biden has signed the bill into law. The IRA includes significant provisions related to climate change, health care and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO), the IRA is projected to reduce the deficit by around $90 billion over the next 10 years.

07.22.22
Businesses: Act Now To Make the Most Out of Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022 and businesses should plan accordingly.

06.17.22
Four Tips for Working With a Resource-Constrained Internal Revenue Service
Federal tax professionals working to resolve issues with the IRS can attest to the multifaceted impacts of the agency’s resource constraints on taxpayer service. The signs are evident, for instance, in the long wait times for calls to be answered, tax return processing delays and increased instances of penalties being assessed against compliant taxpayers.

04.08.19
Various Media – ORBA Appoints Chief Financial Officer
ORBA is mentioned in the media for announcing the appointment of Cara Sample, CPA, as Chief Financial Officer of the firm. Reporting media include Yahoo! Finance, Spoke, The Daily Herald, NewsBlaze, Star Tribune and ABC 7. View the official press release.

04.04.19
Various Media – ORBA Ranked Among 2019 ‘Top Firms to Watch’ by Accounting Today
ORBA is mentioned in the media for being ranked among the “Beyond the Top 100: Firms to Watch” list for 2019, as well being listed among the top 20 firms in the Great Lakes Region.

01.10.19
Various Media – ORBA Launches ORBA Wealth Advisors
ORBA was mentioned in the media for its announcement of the launch of ORBA Wealth Advisors, LLC. Reporting media include Wealth Adviser, Verdict, Yahoo! Finance, the Daily Herald and Merril Edge. View the official press release.

09.09.22
Inside Public Accounting Recognizes ORBA as a 2022 Top 200 IPA Firm
ORBA, one of Chicago’s largest public accounting firms, has been recognized as a 2022 IPA 200 Firm by INSIDE Public Accounting (IPA). Debuting on the list in 2013, this is the eight year that ORBA has made the list of the country’s Top 200 Firms. ORBA is ranked #119 on the list in the annual report – up from #131 the previous year. 

08.01.22
ORBA Promotes Dan Newman and Tamara Partridge to Directors
ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Dan Newman, CPA, MST and Tamara Partridge, CPA, MST have been promoted to Directors effective August 1.

04.28.22
ORBA Wins 2022 Top Workplaces Culture Excellence Award
ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that it has earned the 2022 Top Workplaces Culture Excellence Awards for Compensation & Benefits, Innovation and Leadership.