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.
IRS Provides Guidance on Reporting Qualified Sick and Family Leave Wages Paid
July 24, 2020 - The IRS has provided guidance on how employers are to report qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act.
IRS to Notify Organizations with a Delay with Advance Payment of Employer Credits
July 24, 2020 - The IRS will send letters to taxpayers experiencing a delay in the processing of Form 7200, which is used to claim employer tax credits for paid sick leave and expanded Family Medical Leave Act benefit payments as provided in the Families First Coronavirus Response Act.
Applying for PPP Loan Forgiveness
July 17, 2020 - A comprehensive look at Paycheck Protection Program (PPP) loan forgiveness, including changes arising from the enactment of the Paycheck Protection Program Flexibility Act of 2020 and subsequent SBA guidance.
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.
Questions and Answers About the Economic Injury Disaster Loan (EIDL) Program
July 2, 2020 - The Economic Injury Disaster Loan (EIDL) program reopened applications to qualified small and agricultural businesses on June 15, 2020 after receiving more funding through congressional action. Learn about the funding available, who is eligible to receive it, and how it can be used.