New PPP Guidance and Loan Application Forms Available
January 12, 2021 - The SBA and Treasury have released new PPP guidance and loan application forms. Here are the latest developments for nonprofit organizations to be aware of.
President Trump Signs the COVID-19 Relief Bill
December 28, 2020 - President Trump signed the Consolidated Appropriations Act of 2021 (CAA) on December 27. Read our summary of coronavirus provisions that are important to nonprofit organizations, including churches, schools, and private higher education institutions.
SBA Releases New FAQ on PPP Loan Necessity Questionnaire
December 14, 2020 - PPP Loan FAQ 53 addresses the PPP Loan Necessity Questionnaire issued to recipients of PPP loans of $2 million or more. Here are the key takeaways.
IRS Provides Guidance on Reporting Deferred Employee Payroll Tax
November 12, 2020 - If your organization deferred the collection and remittance of the employee portion of Social Security tax, here's how to report it on Form W-2.
Reminder: “Above-the-line” Charitable Contribution Deduction Available
November 5, 2020 - Now is a good time to remind your donors that they could receive a $300 charitable contribution deduction this year.
Webcast for Nonprofits: 2020 Nonprofit Tax Year-End Review
December 17, 2020 - As 2020 comes to a close, this webcast will summarize the most important of the changes taking place in exempt organization tax. We’ll focus on areas that are changing and areas that remain unchanged — all with an eye toward what 2021 will bring.
PPP Loan Forgiveness Application and Payment Updates
October 9, 2020 - Treasury and the SBA have released a simplified application for forgiveness of PPP loans of $50,000 or less and provided new guidance on the deferral period for PPP loan payments.
IRS Issues Guidance on Payroll Tax Deferral Starting September 1
August 31, 2020 - The IRS has provided guidance on the deferral of the withholding and payment of the employee’s portion of Social Security tax, which is effective for the period September 1 through December 31, 2020. Here’s what we know — and what we don’t know.
Summary of the Deferral of Payroll Tax and Other Executive Orders
August 13, 2020 - President Trump has signed four directives designed to extend aid to Americans experiencing economic challenges in the face of the current pandemic. Here is a summary of each and its potential impact on your organization, employees, or both.
New COVID-19 Resources for Nonprofits, Churches & Higher Ed
July 16, 2020 - Read our updated article on PPP loan forgiveness, gain insight on church leadership topics, and more.