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New Guidelines Issued for ERTC, PPP Loan Forgiveness Program
Posted by Nate Smith on Tue, Sep 14, 2021 @ 09:00 AM

A significant number of organizations across the nation are likely eligible for the Employee Retention Tax Credit (ERTC), but since few have claimed it, the tax break may expire early.

If passed, the proposed $1 trillion Infrastructure Investment and Jobs Act will end the pandemic-era tax break three months early, on Sept. 30 rather than the current date of Dec. 31, 2021. Eligible organizations would still be allowed to claim the ERTC for 2020 and the first quarter through the third quarter of 2021, but there would be no credit for the fourth quarter.

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Topics: NFP, COVID19, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Employee Retention Credit, Employee Retention Tax Credit, ERTC

House Sets Stage for Biden Tax Plan by Passing $3.5 Trillion Budget Resolution
Posted by Nate Smith, Bill Smith, Eric Strawder on Mon, Aug 30, 2021 @ 11:30 AM

The House of Representatives passed a fiscal 2022 budget resolution (H. Res. 601) on Aug. 24 that paves the way for President Biden’s “Build Back Better” (BBB) plan to be passed into law, potentially by the end of September.

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Topics: Not-for-Profits, NFP, nonprofit, House of Representatives, senate, Not-for-profit trends, COVID19, COVID-19, Joe Biden, American Families Plan, Build Back Better, AFP, President Biden, Green Book, Treasury Department’s Green Book, BBB Plan, budget, infrastructure act, Infrastructure Investment and Jobs Act, democrats

Avoid These 4 Pain Points With the Employee Retention Tax Credit
Posted by Nate Smith on Wed, Jul 28, 2021 @ 02:04 PM

With the modifications made to the incentive, organizations continue to evaluate how to maximize the Employee Retention Tax Credit (ERTC). The ERTC is a special incentive created within the 2020 Coronavirus Aid, Relief, and Economic Securities (CARES) Act that encourages employers to retain their workforce during periods of economic disruption caused by the coronavirus pandemic. It provides immediate reductions to payroll taxes and cash refunds for credits in excess of payroll taxes, for both commercial and not-for-profit employers. A business must have been subject to government shutdown orders or experienced a significant decline in gross receipts to qualify.

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Topics: AICPA, IRS, NFP, COVID19, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, Employee Retention Credit, Employee Retention Tax Credit, ERTC

New Compliance Supplement Key Takeaways
Posted by Michelle Sylvia Spriggs on Tue, Jul 27, 2021 @ 11:46 AM

On July 27, 2021, the Government Audit Quality Center of the AICPA announced that the initial 2021 compliance supplement relative to federal awards is expected to be released in August 2021. This should resolve much of the ambiguity around major program determination and testing requirements for this year. The key take-away points are as follows:

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Topics: AICPA, NFP, nonprofit, Nonprofit Board, COVID19, higher education, SEFA, health and human services, HEERF, Provider Relief Funds, compliance supplement

How Not-For-Profits Can Navigate the Employee Retention Tax Credit
Posted by Nate Smith on Tue, Jun 8, 2021 @ 03:50 PM

The Employee Retention Tax Credit (ERTC) was enacted as part of the early COVID-19 stimulus measures, and can be claimed through Dec. 31, 2021 by eligible employers who retained employees during the COVID-19 pandemic. Earlier this year, the ERTC was expanded through the American Rescue Plan Act to potentially cover more organizations and situations. While not-for-profit organizations are eager to take advantage of the ERTC, there are some logistical hurdles between taking the credit and reaping its benefits.

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Topics: NFP, COVID19, COVID-19, Paycheck Protection Program, PPP, PPP Loan, Employee Retention Credit, Employee Retention Tax Credit, ERTC

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.

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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

New Accounting Alternative for Evaluating Goodwill Impairment Triggering Events
Posted by Mark Winiarski on Thu, Apr 29, 2021 @ 03:55 PM

Not-for-profit entities have a new, optional accounting alternative for evaluating goodwill impairment triggering events. The accounting alternative is intended to simplify and eliminate the requirement to monitor for triggering events throughout the reporting period that would cause an entity to perform a test for goodwill impairment. Rather than performing a continuous assessment of triggering events, an entity electing the alternative would evaluate the existence of a goodwill impairment triggering event as of an interim or annual reporting date. The new alternative is available for not-for-profit entities that account for goodwill as an indefinite-lived asset as well as not-for-profit entities that have elected to amortize goodwill. It is available for entities that have not yet issued their Dec. 31, 2020 financial statements and could cause some entities that experienced significant, but short-lived impacts from COVID-19 to forgo performing a test of goodwill impairment during 2020. The policy election to apply the alternative can also be made at a future date.

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Topics: accounting, goodwill, goodwill impairment, GAAP, not-for-profit, FASB, NFP, intangible assets, COVID19, reporting, accounting alternative, FDIC, indefinite-lived asset

The Keys to Recruiting Amid & Post COVID-19
Posted by Jenna Peabody on Thu, Oct 29, 2020 @ 02:00 PM

Like most aspects of the workplace, recruiting norms have changed. While unemployment rates remain high, many employers find themselves struggling to connect with the right candidates. Even as some are receiving a high number of applicants, they encounter new challenges, such as meeting the changing needs of qualified candidates who remain in high demand.

According to the Society for Human Resource Management (SHRM), job seekers in today’s employment market are primarily looking for safety, consistency, stability and longevity. Be sure to incorporate your attention to these needs into your recruiting efforts.

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Topics: not-for-profit, recruitment, COVID19, COVID-19, SHRM, hiring, career, unemployment, brand

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.

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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.

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

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