G.T. Reilly & Company

06/01/2026

The IRS has released guidance on distributions for long-term care from a defined contribution plan under Secure 2.0.

The Internal Revenue Service (IRS) on Wednesday issued guidance, Notice 2026-33, that clarified the disclosures required for qualified long-term care distributions from defined contribution (DC) plans. It also extended the deadline for plan amendments for plans permitting distributions for long-term...

05/29/2026

ICYMI: Attention manufacturers, there is a new opportunity to get a significant tax break if you are expanding. The Qualified Production Property (QPP) tax provision allows businesses to expedite depreciation and fully expense the cost of certain new manufacturing and production facilities. Read our blog to find out more.

QPP is the portion of a nonresidential building in the U.S. that is used as an integral part of a qualified production activity. A new tax provision provides significant savings.

05/27/2026

The IRS in mid-April published a whistleblower alert shining a light on possible fraud and abuse among tax-exempt organizations that receive government money. Although fraud and abuse are not necessarily found, it's important to maintain strong compliance, reporting and your own documentation, particularly for government grants and large gifts.

https://www.irs.gov/newsroom/irs-issues-whistleblower-alert-expands-efforts-to-uncover-fraud

05/22/2026

Challenges with funding and maintaining a nonprofit mission have never been greater. With heightened scrutiny, boards and management teams require professional guidance to avoid missteps. Our team is proud to be accountants and auditors to many nonprofits for more than 50 years. If you are a director or board member and feel like you want more from your team, give us a call.

https://gtreilly.com/clients/non-profit

05/20/2026

Spring cleaning in business is all about taking a clean-slate approach to streamlining your operations and cost structure. If your company is struggling with its internal accounting processes and staffing, it might be time to speak to GT Reilly about an outsourced accounting solution. We can help you tighten up your financial reporting, payables, and receivables to make informed business decisions.

https://gtreilly.com/services/general-business-services

05/15/2026

When a restricted donation is proposed, a nonprofit organization needs to determine if it fits their mission and if the restrictions can be met.

Once this is determined and the funds are accepted by the board or other proper authority, the organization will need to identify and document the restriction, whether it be purpose restricted, time restricted or for endowment purposes.

The work doesn’t end there.

Accounting & Auditing Director Linda J. Kramer, CPA, MBA offers more guidance on restricted gift accounting in this new article.

Restricted gifts require special attention to perform fiduciary responsibilities of properly using funds for specified restricted purposes. See the steps.

05/13/2026

We are pleased to welcome Jenny Huynh, CPA, our new Accounting and Audit Manager, to the firm. Jenny comes here with over ten years of audit experience, and earned her undergraduate accounting degree and her MBA from the University of Massachusetts, Lowell. We are excited to have her join our team!

05/11/2026

When the records and the financial reporting between nonprofit development and the accounting department don’t align, it can lead to:

• Inaccurate financial reporting for the governing body of the organization making financial decisions;
• Less clarity and visibility on cash flows, and
• Certain compliance risks depending on grant or audit requirements that may exist for the organization.

When development and accounting teams operate in sync, the organization can raise money more effectively, spend it more responsibly, and report it more accurately.

Assess your internal communications and reporting processes. See where the gaps exist between development and accounting. This article by Vice President & Director Jayme F. Moore, CPA offers more details.

Reinforce the value of communication between nonprofit development and the accounting team to improve accuracy and compliance.

05/05/2026

HIRING! We are seeking an an accountant/bookkeeper to provide our business clients with accounting, bookkeeping and QuickBooks support and assistance, including bank reconciliations, AP/AR control, payroll and tax assistance, 1099 and W-2 reporting. If you have a professional attitude and great communication skills, this may be your opportunity. See all openings on our website.

https://gtreilly.com/careers/current-openings

04/28/2026

Did you know that you can deduct investments in domestic research? For taxable years beginning after December 31, 2024, businesses may deduct domestic research or experimental expenditures that are paid or incurred by the business during the taxable year. Alternatively, businesses may elect to capitalize and take an amortization deduction for domestic research or experimental expenditures over a period of no less than 60 months, beginning in the month in which the business first realizes benefits from such expenditures. The IRS offers clarification on this opportunity. See more here.

https://irc.bloombergtax.com/public/uscode/doc/irc/section_174