Contact Us Follow Us :      | Find Us |
CBIZ & MHM New England

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us

Where Things Stand with the Paycheck Protection Program
Posted by Jake McDonald on Mon, Jun 7, 2021 @ 11:33 AM

The window of opportunity to take advantage of the Paycheck Protection Program (PPP) has closed, but considerations for the program, particularly around its most appealing benefit, remain.

Read More

Topics: tax, NFP, COVID19, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration, PPP Loan Forgiveness

Not-For-Profits Must Carefully Manage Gross Receipts for Employee Retention Credit Eligibility
Posted by Nate Smith on Thu, Apr 1, 2021 @ 11:44 AM

The Employee Retention Credit (ERC) was originally enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ERC was extended and expanded by the Consolidated Appropriations Act, 2021 (CAA), and then again by the American Rescue Plan (ARP) Act. Eligible employers can obtain the ERC with respect to wages and health plan costs paid during periods of disruption brought about by the coronavirus pandemic. The most common way to become an eligible employer under the CARES Act, the CAA, and the ARP Act is to satisfy a gross receipts test. Until recently, not-for-profit (NFP) entities faced significant uncertainty about the manner in which gross receipts is defined for purposes of the ERC. Although the CAA provided this clarification, NFP entities now must consider unusual planning decisions in order to maintain ERC eligibility.

Read More

Topics: not-for-profit, NFP, tax credit, Employee Benefits, COVID-19, CARES Act, Employee Retention Credit, Consolidated Appropriations Act, The Act, ERTC, American Rescue Plan (ARP) Act, CAA

Small Businesses Granted Priority for Remaining PPP2 Funds
Posted by Jake McDonald on Fri, Feb 26, 2021 @ 09:42 AM

On February 22, the White House announced changes to the Paycheck Protection Program that give exclusive access to certain small businesses.

Year-end legislation provided additional funding and an extension of the Small Business Administration’s Paycheck Protection Program (PPP) for the first quarter of 2021. Effective February 24, the Biden-Harris administration is instituting a 14-day holding period on new PPP applications (sometimes referred to as PPP2 loans) for businesses with 20 or more employees. The goal of the hold is to lessen the PPP competition for small businesses and sole proprietorships that may have had difficulty accessing the federal funds previously.

Read More

Topics: Election, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, SBA, PPP Loan Forgiveness, PPP2

Ways Not-For-Profits Can Maximize the Consolidated Appropriations Act Stimulus Relief
Posted by Nate Smith on Thu, Jan 28, 2021 @ 04:53 PM

Provisions in the year-end stimulus bill known as the Consolidated Appropriations Act, 2021 (the Act) benefit beleaguered not-for-profit organizations in a number of ways. The COVID-19 relief measures clarify important elements for recipients of Paycheck Protection Program (PPP) loans, and offer fresh funding for new loans (PPP2) that may be particularly important to not-for-profits. An employer tax credit was also enhanced and employee benefit modifications extended. Read on to learn how your organization can take advantage of the newest stimulus legislation and find some stability in these trying times.

Read More

Topics: not-for-profit, NFP, tax credit, Employee Benefits, Paid Family and Medical Leave, COVID-19, CARES Act, PPP, SBA, PPP Loan Forgiveness, Consolidated Appropriations Act, PPP2, The Act, ERTC

Don’t Miss Out on the Newly Supercharged Employee Retention Tax Credit
Posted by Craig Klein on Fri, Jan 22, 2021 @ 09:29 AM

The Employee Retention Tax Credit (ERTC) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but limitations on its availability tempered interest in the relief measure. That is about to change, thanks to significant changes made on Dec. 27, 2020, by the Consolidated Appropriations Act, 2021 (the Act). The ERTC is now available to employers that received loans under the Payroll Protection Program (PPP), so any employer meeting ERTC eligibility criteria can benefit. Because employers potentially benefit from the enhanced ERTC on a retroactive basis, employers should immediately begin analyses to identify and calculate the value of retroactive or prospective ERTC benefits.

Read More

Topics: not-for-profit, IRS, NFP, tax relief, tax credit, employees, COVID-19, CARES Act, PPP, PPP Loan Forgiveness, Consolidated Appropriations Act, Employee Retention Tax Credit, The Act, ERTC

Developments That Could Affect 2020 Charitable Giving Results
Posted by Scott Goldberg on Wed, Dec 2, 2020 @ 09:30 AM

As disruptive as the year has been for not-for-profit organizations, 2020 might end up being a better year for charitable giving. The potential for higher tax rates and decreased exemptions from estate and gift taxes under a new presidential administration may lead many high-net-worth individuals to increase charitable giving during 2020. At the same time, individual and corporate donors can benefit from temporary charitable giving incentives in 2020 that are available under recent tax law changes.

Read More

Topics: tax returns, individual tax, not-for-profit, charitable donations, IRS, NFP, S Corporation, charitable giving, C Corporation, Charitable Contribution Deductions, COVID-19, CARES Act, PPP, charitable contributions, high-net-worth, AGI

How the Employee Retention Credit Can Help Not-For-Profits
Posted by Nate Smith on Wed, Oct 28, 2020 @ 10:41 AM

Many not-for-profit organizations were forced to completely shutter operations because of the COVID-19 pandemic, making them eligible candidates for the Employee Retention Credit (ERC) benefit in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The credit can be claimed quarterly to help offset the cost of retaining employees. It is important to note that the ERC is only available for organizations that did not receive a Paycheck Protection Program (PPP) loan. The ERC is provided by way of a payroll tax credit covering the period March 13, 2020 through Dec. 31, 2020.

Read More

Topics: tax-exempt, not-for-profit, IRS, COVID19, FMLA, COVID-19, CARES Act, COVID, ERC, program guidance, Employee Retention Credit

4 Things Your Not-For-Profit Board Should Know About COVID-19 Recovery
Posted by Tracey McDonald on Wed, Oct 28, 2020 @ 09:24 AM

Not-for-profit boards play a key role in developing an organization’s potential by bringing expertise in a variety of fields, including accounting and risk management. The pandemic was extremely disruptive to not-for-profits, which underscores the importance of providing guidance and understanding the COVID-19 impact. All of these factors are also vital to conceptualizing future operational and endowment investment strategies. Management and board members should continue to work together to overcome any lingering repercussions from the pandemic and position the organization for the next chapter. The following are four elements of COVID-19 recovery initiatives that your board should understand.

Read More

Topics: not-for-profit, Financial Statement, Endowments, COVID19, COVID-19, CARES Act, Paycheck Protection Program, PPP, SBA, COVID, Stimulus

3 COVID-19 Impacts to Expect When Undergoing a Single Audit in 2020
Posted by Michelle Sylvia Spriggs on Tue, Sep 29, 2020 @ 04:21 PM

Not-for-profit organizations that receive federal funds are subject to the requirements of the Uniform Grant Guidance (UGG), and the Subpart F Single Audit. For several reasons, from the introduction of new federal COVID-19 relief programs to the disruption that accompanied mass shelter-in-place orders, the COVID-19 pandemic is changing what the single audit may look like in 2020 and for your organization’s fiscal year. The following provides a brief recap of what to expect for your single audit in 2020.

Read More

Topics: reporting requirements, not-for-profit, compliance, OMB, NFP, single audit, Uniform Grant Guidance, COVID-19, CARES Act, Office of Management and Budget, UGG, GAQC

Federal Reserve Considers Expanding Main Street to Not-For-Profits
Posted by Jake McDonald on Fri, Jun 26, 2020 @ 02:53 PM

As part of its recent review of the CARES Act loan programs, the Federal Reserve is evaluating whether to expand its Main Street loan facilities to include not-for-profit organizations. The lending program is designed to provide low-interest, government-backed loans with fewer lender requirements for organizations financially affected by the COVID-19 pandemic.

Read More

Topics: not-for-profit, NFP, COVID-19, CARES Act, Main Street Lending Program, Main Street Priority Loan Facility, Main Street Expanded Loan Facility, Main Street New Loan Facility

Popular Posts