05.22.20
The CARES Act Provides Some Relief to Not-For-Profit Organizations
Much of the economy is reeling from the novel coronavirus (COVID-19) pandemic, and the not-for-profit sector is not immune from the effects. Fortunately, Congress recognized this need when drafting the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The law, enacted in late March 2020, contains several provisions that might help distressed not-for-profit organizations […]

05.13.20
How Not-for-Profit Organizations Can Tackle Cybersecurity in a Remote Work Environment
Not-for-profits, like most organizations, have transitioned to working remotely during the COVID-19 pandemic. Meetings are being held virtually, with workers connecting to the Internet on home networks using both work and personal devices. This rapid shift to remote work is putting IT systems and data assets at risk, driving not-for-profits to take action to keep […]

04.22.20
Get Your Operating Reserves in Order
Recent tax law has reduced the benefit many taxpayers receive for their charitable contributions, and as a result, has affected the level of donations for many not-for-profit organizations. Combine that with uncertainties about government funding, and it is easy to see that operating reserves are more important than ever for long-term sustainability. Yet studies show […]

05.01.20
Not-For-Profit Group Newsletter – Spring 2020
Our Not-For Profit Newsletter explains why it is critical that organizations take the time now to reflect, plan and adapt to "the new normal" and covers the controversial tax on not-for-profits established by the Tax Cuts and Jobs Act.

02.13.19
Not-For-Profit Group Newsletter – Winter 2019
Our Not-For-Profit Group's Winter 2019 newsletter discusses the importance of monitoring your organization's financial statements, as well as newsworthy updates in the not-for-profit industry.

10.02.18
Not-For-Profit Group Newsletter – Fall 2018
Our Not-For-Profit Group's Fall Newsletter discusses tax liabilities for volunteers, as well as tips for avoiding unrelated business income tax for your organization.

06.18.20
How Not-For-Profit Organizations Can Safely Return Employees to the Workplace
As not-for-profit organizations begin reopening and allowing employees to return to the workplace, what issues should leadership be considering in managing their workforce? Join ORBA and guest speaker Rebecca B. Canary-King, labor and employment attorney from Chicago-based Levenfeld Pearlstein, LLC, for a complimentary webinar that will focus on issues particular to not-for-profit organizations and managing the workforce consistently with its mission.

06.03.20
What You Need to Know About Paycheck Protection Program Loan Forgiveness
Join ORBA’s Frank L. Washelesky on Friday, May 29, for a complimentary webinar that will provide clarity on the PPP Loan Forgiveness rules. 

12.10.19
A Closer Look: FASB’s New Revenue Recognition Standards
Navigating the changing landscape of revenue recognition can be a challenge, particularly in light of the Financial Accounting Standards Board’s (FASB) massive overhaul. Recent guidelines, like Topic 606, have been implemented for all entities, paving the way for ASU 2018-08. This update clarifies the guidance of Topic 606 and its impact on not-for-profit organizations, as […]

04.13.20
ORBA Named to Accounting Today’s 2020 “Beyond the Top 100: Firms to Watch”
Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, has been named as one of Accounting Today’s “Beyond the Top 100: Firms to Watch” for 2020.  

04.17.19
ORBA Announces Cloud CFO and Accounting Service Hires
Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to welcome Carissa Coppola as an Associate in the Accounting Services Department, and Emily Cohen, Jason Dion and Joshua Trezek as Associates in the Cloud CFO Services Department

04.08.19
ORBA Appoints Chief Financial Officer
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to announce the appointment of Cara Sample, CPA, as Chief Financial Officer.

06.26.20
OMB Revisions to Single Audit Submission Extensions and Other Updates
In a memorandum dated June 18, 2020, the U.S. Office of Management and Budget (OMB) revised and reversed their flexibility on Single Audit submission extensions.

06.24.20
Paycheck Protection Program New Guidance Clarifies When to Apply for Forgiveness and Owner-Employee Limits
Borrowers that received PPP funds prior to June 5, 2020 have the option to use either a 24-week forgiveness period or an 8-week forgiveness period. On June 22, 2020, the SBA issued updated guidance that provides an additional option allowing a borrower to apply for forgiveness before the 24-week period ends.

06.19.20
Paycheck Protection Program Revised Forgiveness Applications
On June 17, 2020, the Small Business Administration (SBA) issued updated guidance to reflect the Payroll Protection Flexibility Act.  The SBA also provided a revised PPP loan forgiveness application, Form 3508 and instructions, along with a simplified Form 3508 EZ and instructions for qualified borrowers.

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. Click here to 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.

01.02.19
Various Media – Crain’s Business Ranks ORBA Among Chicago’s Largest Accounting Firms
ORBA was recently mentioned in the media for being ranked 18th out of the 25 largest accounting firms in Chicago, listed by Crain’s Chicago Business. Reporting media include MarketWatch, Pittsburgh Business Times, the Daily Herald, Daily Penny Alerts and Chicago City Room. Click here to view the official press release.

06.08.20
Message from Managing Director Mark Thomson
Over the past two weeks, I have watched the many peaceful protests across the City of Chicago, our local communities and across the nation. People of all backgrounds are speaking out against the continuing injustice against people of color, specifically Black people.

04.17.19
ORBA Announces Cloud CFO and Accounting Service Hires
Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to welcome Carissa Coppola as an Associate in the Accounting Services Department, and Emily Cohen, Jason Dion and Joshua Trezek as Associates in the Cloud CFO Services Department

04.08.19
ORBA Appoints Chief Financial Officer
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to announce the appointment of Cara Sample, CPA, as Chief Financial Officer.