11.20.24
What You Need to Know About New Overtime Rules
The U.S. Department of Labor (DOL) released a new final rule in the spring of 2024 changing the salary threshold for determining whether employees are exempt from federal overtime pay requirements under the Fair Labor Standards Act (FLSA). Although the new rule took effect July 1, 2024, opponents have already filed litigation challenging it. Here […]

10.31.24
Is it Time to Hire a CFO?
Let’s face it: Most not-for-profits are founded on a passionate belief in service. This does not always include a passion for numbers. To fill this gap in financial expertise, not-for-profits often hire chief financial officers (CFOs). However, do all not-for-profits — including small organizations — need one? CFO defined Generally, the CFO (or “director of […]

08.27.24
What You Need to Know About Crypto Donations
Cryptocurrency’s popularity only seems to grow in certain segments of the population. Accepting crypto donations could present an opportunity for your not-for-profit organization to boost revenue while also helping you to connect with new groups of donors. Accepting crypto is not without risk, though. Pros and cons Cryptocurrency generally refers to a decentralized form of […]

11.27.24
Not-For-Profit Group Newsletter – Fall 2024
ORBA's Not-For-Profit Group's Fall Newsletter highlights a survey that suggests many not-for-profit CEOs are considering leaving their jobs and warns about the practice of paying officers to provide services, potentially opening your not-for-profit up to the responsibility of paying employment taxes.

09.17.24
Not-For-Profit Group Newsletter – Summer 2024
ORBA's Not-For-Profit Group's 2024 Summer Newsletter covers the concerns around hosting raffles in regards to IRS gaming rules and explains the recent changes to Charity Navigator's ranking methodology.

06.04.24
Not-For-Profit Group Newsletter – Spring 2024
ORBA's Not-For-Profit Group's 2024 Spring Newsletter covers the reasons to make allocations and the various methods used, as well as what your organization needs to know if it is considering DAF funds.

08.09.23
What Not-For-Profits Need to Know About Implementing 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 ended December 31, 2022 and thereafter. Is your organization prepared? Join ORBA Director Jim Quaid and ORBA Audit Manager Barbara Miller for a complimentary webinar as they dive into the […]

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 […]

11.07.24
ORBA Adds Oak Brook Office to its Accounting, Tax and Advisory Practice
OAK BROOK, IL — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest full-service accounting, tax, and advisory firms, proudly announces the opening of a new suburban office in Oak Brook, Illinois. 

10.29.24
INSIDE Public Accounting Recognizes ORBA as a 2024 Top 200 IPA Firm
CHICAGO – ORBA, one of Chicago’s largest public accounting firms, has been recognized as a 2024 IPA 200 Firm by INSIDE Public Accounting (IPA). Debuting on the list in 2013, this is the tenth year that ORBA has made the list of the country’s Top 200 Firms. ORBA is ranked #118 on the list in the annual report.   

10.07.24
Crain’s Chicago Business Recognizes Kelly Buchheit and Michelle Lehmann as 2024 Notable Leaders in Accounting, Consulting & Law
CHICAGO – ORBA, one of the Midwest’s largest public accounting firms, recently announced that Kelly Buchheit, CPA, Director of Audit & Assurance Quality Control, and Michelle Lehmann, CPA, Director and Head of Audit & Assurance, have been recognized as Crain’s Chicago Business 2024 Notable Leaders in Accounting, Consulting & Law.   

12.02.24
It is Not Too Late to Trim Your 2024 Taxes
As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. This Client Alert contains several tax-related strategies to consider before year end.

11.11.24
How the U.S. Election Changes the Outlook for Taxes
The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire at the end of 2025. Now, there is a better chance that most provisions will be extended.

11.08.24
2025 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service’s (“IRS”) recently announced 2025 cost-of-living adjustments for Retirement, Health and Welfare Plans and transportation programs.

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.

11.07.24
ORBA Adds Oak Brook Office to its Accounting, Tax and Advisory Practice
OAK BROOK, IL — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest full-service accounting, tax, and advisory firms, proudly announces the opening of a new suburban office in Oak Brook, Illinois. 

10.29.24
INSIDE Public Accounting Recognizes ORBA as a 2024 Top 200 IPA Firm
CHICAGO – ORBA, one of Chicago’s largest public accounting firms, has been recognized as a 2024 IPA 200 Firm by INSIDE Public Accounting (IPA). Debuting on the list in 2013, this is the tenth year that ORBA has made the list of the country’s Top 200 Firms. ORBA is ranked #118 on the list in the annual report.   

10.07.24
Crain’s Chicago Business Recognizes Kelly Buchheit and Michelle Lehmann as 2024 Notable Leaders in Accounting, Consulting & Law
CHICAGO – ORBA, one of the Midwest’s largest public accounting firms, recently announced that Kelly Buchheit, CPA, Director of Audit & Assurance Quality Control, and Michelle Lehmann, CPA, Director and Head of Audit & Assurance, have been recognized as Crain’s Chicago Business 2024 Notable Leaders in Accounting, Consulting & Law.