Author: Shannon Mannese

An Update on the New York State Foundation Aid Formula Study

After Foundation Aid and the “hold harmless” provision survived New York’s 2025 budget process, Governor Hochul stated in her 2025 budget press release that education priorities include “a Rockefeller Institute study to examine Foundation Aid and prepare for formula changes next year.” Here’s what happened next…

The Rockefeller Institute embarked on a large Foundation Aid study that included collecting data, input, and feedback from numerous stakeholders, including school families, teachers, staff, administration, boards of education, appointed and elected officials, education experts, and education support and advocacy groups.

In July and August, the Institute hosted five public hearings in New York City, Buffalo, Farmingdale, Laurens, and Guilderland (click the link to see the livestream recording). Hearings featured invited stakeholders to provide testimony and then public comments about potential changes to the Foundation Aid formula.

By early December, the Institute is supposed to share its findings and policy options with the Legislature and the Governor.

Most constituents appear to be on board for changing the Foundation Aid formula, considering it was created in 2007, is based on census data from 2000, and doesn’t reflect how dramatically schools, learning, and demands have changed over the last 17 years.

At the hearings and via other channels, a variety of stakeholders presented their take on what needs to happen. NYSUT and UFT presidents shared their observations about where the Foundation Aid formula comes up short and what it should address. Both also expressed concern that the study focuses on financial sustainability versus providing a quality education.

Union members shared a variety of considerations from schools’ evolving role as a social safety net, geographic isolation contributing to costs, and a formula that uses outdated data to address mental health, housing and food insecurity, and other special needs.

The New York State Council for School Superintendents shared principles for the study, as well as recommendations. An education policy and advocacy organization asserted any changes need to be student and equity-focused, with funds reaching those requiring the most support. Budget watchdog groups and education law groups have their own opinions on the matter. One group is going as far as creating its own fair and equitable Foundation Aid formula.

(Even before the Rockefeller Institute study, the Association of School Business Officials drafted a State Aid Proposal and the NYS Educational Conference Board shared their recommendations for a Foundation Aid formula review.)

Although the Rockefeller Institute’s final public hearing was held on August 14, stakeholders can still share input via an online form through Friday, September 6, at 11:59 pm (EST). In fact, a number of school districts have shared information about the public hearings and online form to engage their communities in the discussion (and perhaps set the stage for Foundation Aid changes).

As you work to stay abreast of how Foundation Aid may change and what it may mean to your district, please remember you can count on RBT CPAs for your accounting, advisory, audit, and tax needs. Learn how we can be Remarkably Better Together. Contact us today.

RBT CPAs never offshores work outside of the U.S., so you always know who is handling your financial information.

What’s Next for EMS in New York?

New York State appears to be stepping up to get a grasp on the EMS crisis and plotting a potential course for what’s next.

Across the nation, EMS is in crisis. Response times are longer. More workers are leaving the field than entering it, with mental health and burnout to blame. Costs are up and funding is dwindling. Pay is on par with fast food restaurants (although many rural areas depend largely on volunteers). The public, in general, doesn’t realize EMS is not funded the same way as the local police but still counts on municipalities to ensure services are in place should they need them.

It’s a national problem that many say is due to an approach established 50 years ago that no longer works. Back then, emergency services were paid by an individual’s insurance. Today, Medicare only reimburses for transportation. So, if EMS goes to a home and resolves an issue without having to transport a patient to the hospital, there’s no federal reimbursement.

In January, the New York Association of Counties (NYSAC) acknowledged counties are being asked to help shore up resources, but local laws and other issues are exasperating the challenge. Still, NYSAC presented proposals and legislation to address the issue. (By the end of the legislative session, one bill made it through both chambers, awaiting the Governor’s signature. It calls for ambulance services to be reimbursed by Medicaid when treatment in place is administered and/or when transportation is provided to a health care setting other than a general hospital.)

In March, New York State Comptroller Thomas P DiNapoli issued a report on “The Growing Role of Counties in Emergency Medical Services.” It discusses the variety of ways EMS is provided and funded in New York, and how a lack of data makes it difficult to assess what’s needed. It also points to counties playing a more active role in assessing and supplementing EMS services, as well as the need for greater State involvement.

According to the report, there were 989 agencies providing EMS in New York, with almost 64% classified as corporations and the majority being non-profit. The remaining 36% were owned by local governments, including 162 owned by fire districts.

Less than 20% rely solely on paid staff; about 50% rely solely on volunteers; and the balance work with a combination of the two. However, when it comes to city and county EMS agencies, most have paid staff like private for-profit EMS agencies. Some EMS staff also serve as firefighters.

In New York, patients are treated and transported regardless of ability to pay or coverage. Many agencies cover expenses by billing for services. At times, property taxes and other sources help with funding, as does fundraising by volunteer fire departments.

The report refers to the State Emergency Medical Services Council’s State EMS Sustainability Technical Advisory Group pointing out that most reimbursement is for transportation services, not medical services. Inadequate federal reimbursement rates and uncompensated care are issues. They also highlight a surge in county involvement with backup or mutual aid to meet residents’ needs.

The report concludes, “The current circumstances call for direct State involvement to support the efforts of counties and other local governments to turn fragmented and ad hoc responses into comprehensive solutions. While Regional EMS Councils and local government providers should conduct regular needs assessments, solutions need to start at the State level and include better statewide data collection, management and analysis to help EMS agencies identify where services are falling short and provide options for improving response times and outcomes. Better centralized guidance from the State about funding sources can help local officials make more informed decisions about how to pay for these services.”

It sounds like there’s more to come. As your municipality continues standing up to the many challenges associated with meeting residents’ needs, you can count on RBT CPAs for accounting, audit, tax, and advisory services. Why not give RBT CPAs a call to see how we can be Remarkably Better Together!

RBT CPAs never offshores work outside of the U.S. so you always know who is handling your financial information.

Registered Apprenticeship Programs (RAP) for Teachers Are Making the Grade

In 2021, New York became one of the first states to approve a Registered Apprenticeship Program (RAP) for K-12 teachers. Three years later, RAPs are growing in number, with a variety of support and resources available to get programs off the ground and reap their proven results.

According to the National Center for Education Statistics, 86% of public schools reported difficulties hiring teachers at the start of the 2023-2024 school year; however, the percentage of schools that felt understaffed as compared to a year earlier had dropped from 52% to 45% (which is still a high percentage). So, while the teacher recruitment crunch may be easing ever-so-slightly for now, the need for a skilled talent pipeline remains.

According to the New York State Educator Workforce Development HUB – a technical assistance program funded by a U.S. DOL Apprenticeship Building America grant, 33% of New York teachers are eligible to retire in the next five years; 30% to 50% of new teachers leave the profession within the first five years; and there has been a 53% decline in teacher preparation program enrollment within the last decade.

To help turn the tide, the HUB provides technical and networking support to help districts/BOCES build and launch RAPs. In general, RAPs may provide teacher apprentices a living wage, tuition reimbursement, and other support during a one- to two-year residency that provides on-the-job training with a district teacher (who may get paid a little extra for their mentorship work). Ultimately, this has been proven to strengthen a diverse talent pipeline, increase teacher retention, and save time and money on recruiting and hiring.

RAPs are proving themselves to be so effective for teaching talent that in 2023, the DOL approved the nation’s first K-12 Principal Apprenticeship Program (PAP). A PAP can help districts build a future leadership pipeline at a time when there’s concern about increasing turnover, which has been linked to staff retention and student outcomes. The first approved PAP’s participants will work for a year as an assistant principal while preparing to earn their license. What’s more, annual DOL funding per apprentice may be available annually.

As apprenticeship programs expand across professions, the Federal government is looking to clarify its role, along with state roles. At the end of last year, the U.S. Department of Labor proposed a rule to modernize registered apprenticeships by strengthening labor standards, worker protections, and the promotion of apprenticeship pathways. No doubt, more is to come.

If you are interested in learning more, starting a RAP, or exploring funding, the following are some resources that may be of value:

The New York State Educator Workforce Development HUB offers free resources to all stakeholders, including an ROI calculator, a guidance workbook, and a list of approved residencies.
Perkins V funds, offered via the Office of Postsecondary Access, Support, and Success of the State Education Department, can be used to develop and support registered apprenticeship programs. The application period is open through June 28.
ApprenticeshipUSA, a U.S. government website, has information about creating and registering a teacher apprenticeship program, youth apprenticeship programs, and more.
National Center for Grow Your Own, a non-profit that assists state and local education agencies with “Grow Your Own” programs, including apprenticeships.

As you work to address the many factors that impact your ability to deliver on your organization’s mission, you can count on RBT CPAs to work for you. RBT CPA professionals are available to provide accounting, tax, audit, and advisory services. To find out how we can be Remarkably Better Together, give us a call.

RBT CPAs is proud to say 100% of its work is prepared in America. We do not offshore work, so you always know who is handling your organization’s financial information.

Funding Opportunity & Comments on Proposed Rule with June Deadlines

We are always on the lookout for funding and advocacy opportunities to benefit our HUD clients and prospects. Following is information about a funding opportunity for community revitalization efforts and a proposed rule to reduce barriers to HUD-Assisted Housing. Here are the highlights…

FY24 Choice Neighborhoods Planning Grant

On April 9, the FY24 Choice Neighborhoods Planning Grant opened for applications. This funding opportunity is designed to support the development and implementation of a neighborhood revitalization strategy (a.k.a. Transformation Plan) with a focus on housing, people, and neighborhoods. The strategy/plan can then be used to guide the revitalization of assisted and/or public housing and the surrounding neighborhood to have a positive impact on families.

What’s more, grant recipients earn additional points and are given priority for future Choice Neighborhood Implementation Grants, which provide up to $50 million to implement a Transformation Plan.

The application is open to communities of all sizes. $10 million in funding is available, with a maximum grant of $500,000. About 20 communities will be selected for funding. The deadline for applications is June 10 at 11:59 p.m. Eastern Time. For additional information, here is the notice of funding opportunity.

Proposed Rule to Reduce Barriers to HUD-Assisted Housing

On April 9, HUD posted a proposed rule – “Reducing Barriers to HUD-Assisted Housing” – and is seeking public comment by June 10.

The rule proposes that people with a criminal record cannot be automatically terminated from or denied access to HUD-assisted housing, including Housing Choice Vouchers, public housing, and multifamily housing. Instead, owners of HUD-assisted multifamily housing and public housing agencies (PHAs) would be required to use an individualized assessment that considers criminal records relevant to endangering the health and safety of residents and staff, while also giving full consideration to mitigating factors and circumstances.

As a result, PHAs and assisted housing owners would have more discretion and provide direction for fair, effective, and comprehensive admission and termination policies. Ultimately, the proposed rule would help minimize unnecessary exclusions while maintaining a healthy and safe environment.

HUD invites all members of the public and interested parties to submit views, comments, and suggestions by June 10. As per the notice of proposed rulemaking on the federal register, comments can be submitted electronically through the Federal eRulemaking Portal at http://www.regulations.gov or via mail to the Regulations Division, Office of General Counsel, Department of Housing and Urban Development, 451 7th Street SW, Room 10276, Washington, DC 20410-0500.

While you consider grants and proposed rules, please remember RBT CPAs is here to help with all of your accounting, tax, audit, and advisory needs. Give us a call today.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

What’s the latest on AI regulations in New York?

In the absence of Federal legislation governing AI, states are taking it upon themselves to try to get ahead of, or at least keep up with, its development and use. New York is among the forerunners, with legislation already adopted for state agencies and more being explored in relation to labor laws, penal law, the regulation of specific industries, and more.

Overall, legislation seems to be trying to balance unlocking AI potential for the public good while protecting the public from its downsides. Municipalities and their employees should stay abreast of what’s here and what’s coming to ensure compliance and make informed decisions about local AI applications and use.

AI Policy for NYS Agencies

In January, New York State’s Information Technology AI Policy took effect. While encouraging state agencies to adopt AI tools, it also sets guidance for doing so responsibly. While the policy does not cover authorities, boards, and other NYS Government organizations (i.e., the MTA and NYSERDA), these groups are encouraged to follow the policy or use it as guidance.

The policy is broad and should be reviewed in full to understand its full scope. In general, agencies are allowed to adopt their own policies if they are not less restrictive than the state’s policy. State agencies must appoint supervisors to oversee AI systems, which are not allowed to make decisions impacting the public without final approval by a human. State agencies should also have policies for processing personally identifiable, confidential, or sensitive information. They are also advised to consult counsel to ensure intellectual property protections aren’t undermined when inputting data.

The policy also includes best practices for addressing unacceptable uses of generative tools to deceive people, creating content without confirming data, and using AI chatbots without identifying them as such.

Proposed Updates to NY Penal Code

On the criminal law front, Governor Hochul proposed legislation in February as part of the FY 2025 budget to set “important guardrails” to protect against untrustworthy and fraudulent uses of AI. This would classify using AI for the unauthorized use of a person’s voice as a misdemeanor; allow for private action to combat digitally manipulated, false images; disclosure on digitized political communications published within 60 days of an election; and clarify current law regarding unlawful distribution of intimate or sexually explicit images.

Proposed NY Labor Law

NY Bill S07623 was proposed on February 28. If enacted, it would be unlawful to use an automated employment decision tool (AEDT) to screen applicants for jobs in NY, unless the AEDT underwent a disparate impact analysis in the past year, and the employer published a summary of the analysis on its website and provided the NY DOL with an annual summary. If enacted, it will take effect immediately. (This aligns with NYC’s Local Law 144 which took effect last July, setting rules for employer use of AEDTs for screening, hiring, and assessing employees for advancement.)

Private Sector Impacts

As for legislation covering the private sector, while a proposed state task force focusing on this was vetoed in 2023, proposed legislation and guidelines for different industries have been issued and/or are in the pipeline.

For example, the NYS Department of Financial Services issued a proposed circular letter on January 17 regarding the use of external consumer data and information sources(ECDIS), as well as AI systems (AIS), for insurance underwriting and pricing. It includes rules and principles to address “risks of inaccurate, arbitrary, capricious, or unfairly discriminatory outcomes that may disproportionately affect vulnerable communities and individuals or otherwise undermine the insurance marketplace in New York.” Comments on the letter were accepted until mid-March, so there may be more to come.

The insurance industry isn’t alone. For example, bills SB 7922 and AB 8098 target book publishers, requiring disclosure when books are produced with AI. When it comes to newspapers, magazines, and other publications printed or electronically published, SB 7847 would require the identification of any parts made with AI.

For all businesses, there’s AB 8179, which would impose a “Robot Tax” on businesses that displace workers with AI. There’s also the Advanced Artificial Intelligence Licensing Act which would require the registration and licensing of advanced AI systems considered high-risk

No doubt, more is coming – a lot more. As you work with counsel to understand the impact of new laws and those in the pipeline, while making sure your employees are also up-to-speed, if your organization needs any accounting, audit, tax, or advisory services, you can continue to count on RBT CPAs to do the job professionally, ethically, on-time and within budget. Give us a call to learn more.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

Please note: RBT CPAs is not a law firm and the information herein should not be construed as legal advice. As always, to ensure your policies comply with global, national, state, and local laws, it is in your best interest to seek legal counsel.

HUD Introduces Free Benchmarking and Green and Resilient Retrofit Program (GRRP) Updates

In a matter of weeks, HUD introduced free water and energy benchmarking services for multifamily property owners and updates to the Green and Resilient Retrofit Program (GRRP). Here are the highlights…

Free Benchmarking

How much water and energy is a multifamily property using? How does that compare to similar properties? Are there ways to save water and energy while promoting a healthier environment? What funds are available to help upgrade water and energy systems? HUD-assisted multifamily property owners may get answers via HUD’s Free Energy and Water Benchmarking Service.

Owners of properties participating in in HUD’s multifamily assisted housing programs, including Section 8 project-based rental assistance, Section 202 housing for low-income elderly, Section 811 housing for low-income persons with disabilities, and Section 236 preservation programs are eligible to take advantage of HUD’s free energy and water benchmarking service.

Program participants receive information about a property’s energy and water consumption, how they compare to similar properties’, and savings recommendations; Energy Star Portfolio Manager benchmarking analytics; and training, technical assistance, and other resources.

Data can help property owners identify ways to improve energy efficiency, foster a healthier living environment, and promote green investments. It can also help identify upgrades that may be eligible for GRRP grants and loans, as well as other funding sources. Finally, it may help satisfy benchmarking requirements for multifamily properties implemented by local jurisdictions and as part of the general GRRP benchmarking requirement.

HUD is estimating that up to 9,000 properties may participate. Leidos, HUD’s contractor, will be reaching out to eligible property owners over the coming months. Property owners and management agents can also email their interest in participating and property ID(s) to MFBenchmarking@hud.gov. Then, watch for official communications from Leidos.

GRRP Updates

On January 8, HUD issued Housing Notice 2024-01 increasing the flexibility and administrative ease of the GRRP. It applies to current GRRP award recipients and those selected during upcoming application periods. Changes allow for more funds to be available during construction; update Surplus Cash Loan terms; provide guidance on the purchase of renewable energy credits; specify when Davis-Bacon wage rates lock in and provide guidance for owners entering into project labor agreements with unions; and include administrative updates, and more.

2024 GRRP application deadlines are January 31 and April 30 for Leading Edge; February 28 and May 30 for Comprehensive; and March 28 and July 31 for Elements. For more information and details, including new FAQs, visit GRRP on HUD.gov. For background on the GRRP, click here.

As you focus on these HUD programs and updates, remember that you can count on RBT CPAs when it comes to accounting, tax, audit, or business advisory needs. Please feel free to give us a call.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

Update on GASB Proposal: Disclosure and Classification of Certain Capital Assets

Last September, the Governmental Accounting Standards Board (GASB) issued a proposal to require certain types of capital assets be disclosed separately for purposes of note disclosures and certain assets to be classified as “held for sale.” Stakeholders have been reviewing the proposal and comments were accepted until January 5.

According to the Exposure Draft, Statement requirements would be effective fiscal years beginning after June 15, 2025 (although earlier application would be encouraged), with certain assets to be reported retroactively for periods covered by the basic financial statement.

State and local governments must provide details about capital assets in financial statement notes. Prompted by Statement 87 (Leases) and 96 (Subscription-Based Information Technology Arrangements) creating “right-to-use” assets, GASB began considering existing classifications’ effectiveness. The Board proposed certain types of assets be disclosed separately in capital assets note disclosures, including:

New! Capital assets held for sale, by major class of asset
Lease assets reported under Statement 87, by major class of underlying asset
Subscription assets reported under Statement 96, and
Intangible assets other than leases and subscriptions, by major class of assets.

The proposed new classification of “Capital assets held for sale” would be evaluated each reporting period and apply for assets the government has decided to sell if the sale would likely be finalized within one year of the financial statement date. Factors associated with the likelihood of sale include, but are not limited to:

Asset is available for immediate sale in current condition
An active program to locate a buyer has been initiated
Market conditions for that type of asset
Regulatory approvals to sell the asset

If requirements cannot be applied retroactively to all periods in a basic financial statement, a reason must be given. Changes adopted related to “capital assets held for sale” should be reported as a reclassification resulting from an accounting principle change.

Overall, proposed updates would make reporting across government entities more consistent and comparable, and the additional information would better inform decision-making and assess accountability.

We will keep you updated as more information becomes available. In the meantime, please know RBT CPAs are here to support your municipality’s accounting, tax, audit, and advisory needs. Give us a call to learn more.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

Are Your District’s Students (and Families) Eligible for a Monthly Discount on Internet Services?

We want to make sure you’re aware of a benefit that may be available to families of students in your district: a monthly discount on Internet services (plus other perks) via the FCC’s Affordable Connectivity Program.

Put simply, anyone whose child is eligible for a free and/or reduced price school lunch program or school breakfast program, including at U.S. Department of Agriculture (USDA) Community Eligibility Provision (CEP) schools, may also be eligible for the Affordable Connectivity Program. (There are other ways to become eligible, but this is the one pertinent to this discussion.)

As noted on the FCC website, “The Affordable Connectivity Program is an FCC benefit program that helps ensure households can afford the broadband they need for work, school, healthcare and more.

The benefit provides a discount of up to $30 per month toward internet service for eligible households and up to $75 per month for households on qualifying Tribal lands.

Eligible households can also receive a one-time discount of up to $100 to purchase a laptop, desktop computer, or tablet from participating providers if they contribute more than $10 and less than $50 toward the purchase price.”

Especially with the holidays approaching, eligible families may welcome the opportunity to save at least $30/month or $360/year on Internet, as well as $100 on a laptop, desktop computer or tablet. In addition to bringing some cheer to the holidays, letting eligible families know about the Affordable Connectivity Program may help you begin to build some goodwill prior to the start of budget discussions.

The FCC even makes it easy for you to communicate the program, with a variety of materials including a toolkit containing downloadable flyers, social media messages, infographics, and more. After communicating the program, your part is done.

Any eligible individual interested in the benefit can apply online, via mail or via a participating internet company (click here for instructions). There’s even a tool to help applicants learn about participating companies in their area – click here. Many Internet Service Provider websites include a tool to help determine eligibility for the Affordable Connectivity Program and to apply.

We’re always looking for ways to enhance the value we deliver to our clients (and prospects) and hope this information will prove valuable to you and your district. As with any new program, it’s always a good idea to run it by your legal council before proceeding.

In the meantime, if you need any help with accounting, tax, audit, or advisory services, please know RBT CPAs is always here for you. To learn more, give us a call today.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

1099 Forms: What Housing Authorities Need to Know and Do

Did you manage a rental property in 2023? Did you pay people who were not your employees to perform services related to the property?

If you answered “yes,” it may be time to get ready for 1099 Forms. Here’s the scoop…

1099 Forms serve as records of income equal to $600 and over that hasn’t been taxed by the IRS. Annually, a person or organization that pays non-employee income of $600 and over must issue the appropriate 1099 Form to the payment recipient, as well as the IRS. For housing authorities, 1099 filings generally include payments made to property owners, attorneys, vendors, and contractors. Failing to send a Form 1099 when required can result in penalties for the housing authority and potential loss of deductions for the property owner. In turn, Form 1099 recipients must include the forms with their annual tax filings and reflect income when required; otherwise, they can be subject to an audit and/or financial penalties.

There are numerous 1099 forms, but two are particularly important for housing authorities: 1099-MISC and 1099-NEC.

1099-MISC is used to report income that isn’t reported on a W-2. This includes:

Rental income, including rent from tenants on a government housing assistance plan like Section 8 or a similar program (for HUD housing, the local housing authority will file the 1099-MISC unless there’s a property manager – in that case, the property manager files the 1099-MISC)
Prizes and awards
Cash paid from a notional principal contract to an individual, partnership, or estate
Fishing boat proceeds
Medical and health care payments
Crop insurance proceeds
Payments to an attorney
Section 409A deferrals
Non-qualified deferred compensation
Other income payments

Of the items above, rent and payments to an attorney likely apply for a housing authority. An authority will use 1099-MISC to report rent totaling $600 or more paid to an owner of a rental property and a separate 1099-MISC to report attorney fees totaling $600 or more.

What about payments to independent contractors and such?

The 1099-NEC form is used to report non-employee compensation totaling $600 or more for a service provided as part of business (including to nonprofit organizations and government agencies). So, a housing authority will file a 1099-NEC for each independent contractor or organization paid $600 or more during the year for services provided on a rental property owner’s behalf. Examples include services provided by landscapers, electricians, plumbers, locksmiths, painters, maintenance workers, cleaning services, pest removal businesses, HVAC providers, bookkeeping/accounting providers, renovators, inspectors, and more. However, 1099-NEC forms are not required for payments made to corporations (unless the organization is also a limited liability company).

Up until November 21, there was a third reporting requirement using Form 1099-K to report payments received from cards, online payment apps and third-party payment networks. However, in a press release issued November 21, the IRS delayed this requirement for another year. The press release noted:

“Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.

As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn’t expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.”

Filing Deadlines

1099-NEC Forms must be filed by January 31 with both the IRS and recipient. 1099-MISC with no data in Boxes 8 or 10 is due to recipients January 31 and the IRS by February 28 (paper) or March 31 (electronic).

New Electronic Filing Requirement Starts in 2024

In February of this year, the IRS expanded electronic filing requirements. If an employer files 10 or more returns of any type – including W-2s and 1099s – on or after January 1, 2024, they must be submitted electronically. Paper submissions are not allowed. The IRS Information Returns Intake System (IRIS) portal or Filing Information Returns Electronically (FIRE) can be used for electronic 1099 filings (NOTE: You must apply in advance to obtain a Transmitter Control Code (TCC) to use IRIS or FIRE). As an alternative, you can ask your accountant to file for you. Failing to comply can result in a $310 penalty for each information return filed on paper.

For more information, please refer to the IRS website or give your RBT CPA client manager a call. We’re here to answer your questions and help with all of your accounting, tax, audit, and advisory needs. Give us a call today.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

Make Neighborhood Revitalization Plans Reality: Apply for a Choice Neighborhood Implementation Grant by December 11

On September 6, the U.S. Department of Housing and Urban Development (HUD) posted a Notice of Funding Opportunity (NOFO) for a Choice Neighborhoods Implementation Grant. About $256 million will be available for transformative awards of up to $50 million each. The deadline to apply is December 11, 2023.

Who Can Apply?

Given the program’s transformative reach, HUD encourages eligible communities of all sizes to pursue a Choice Neighborhoods grant. The Lead Applicant must be a Public Housing Agency (PHA), a local government, or a tribal entity. If there is a Co-Applicant, it must be a PHA, a local government, a tribal entity, or the owner of the target HUD-assisted housing. For a tribal entity, the local government of jurisdiction or tribe must be the Lead Applicant or Co-Applicant.

What Is Needed to Apply?

Applications must present a plan to revitalize a severely distressed public and/or HUD-assisted multifamily housing project located in a distressed neighborhood and transform it into a viable, mixed-income community.

When Are Applications Due?

December 11, 2023

Where Can I Learn More?

Visit the Choice Neighborhoods website at Hud.gov/cn and HUD Exchange for information and resources.

Why Apply?

Thanks to the Choice Neighborhoods grants, 13,000 new mixed-income units have been built across 52 cities, with plans for 37,000 more. Going beyond housing, the program has led to new businesses, parks, and grocery stores, as well as revitalized schools, childcare programs and healthcare resources with better outcomes. One study showed HUD’s investment generated $400 million in public and private resources; increased median household incomes and homeownership rates; and resulted in lower crime rates.

How Can the Grant Be Used?

Grants, along with public and private funds, support locally driven strategies to revitalize neighborhoods by transforming housing while investing in the surrounding area and resident services. The Choice Neighborhoods program focuses on:

Housing: Replace distressed public and assisted housing with high-quality mixed-income housing that is well-managed and responsive to the needs of the surrounding neighborhood;
People: Improve outcomes of households living in the target housing related to employment and income, health, and children’s education; and
Neighborhood: Create the conditions necessary for public and private reinvestment in distressed neighborhoods to offer the kinds of amenities and assets, including safety, good schools, and commercial activity, that are important to families’ choices about their community.

While you explore the potential of transforming high-poverty neighborhoods into places of opportunity and economic growth, you can count on RBT CPAs to take care of all of your tax, accounting, audit, and advisory needs. Give us a call to learn more.

RBT CPAs is proud to say all our work is prepared in the U.S.A. – we never offshore. As a result, you get peace of mind that your operation’s financial and confidential information is handled by full-time, local staff who have met our high standards for quality, ethics, and professionalism.