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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

COVID-19 Vaccine Considerations for Not-For-Profit Employers
Posted by Jenna Peabody on Mon, Apr 5, 2021 @ 12:39 PM

As the country continues to implement the COVID-19 vaccine distribution in phases, employers may deliberate whether to encourage voluntary compliance or mandate employee vaccination.

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Topics: not-for-profit, NFP, employees, COVID-19, OSHA, Covid vaccine, legal, vaccination, EEOC, ADA, employers

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.

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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

American Rescue Plan's Impact on Not-For-Profits
Posted by Bill Smith on Tue, Mar 23, 2021 @ 02:36 PM

The American Rescue Plan (ARP) Act of 2021 passed in March is the second largest COVID-19 stimulus measure to date and brought significant benefits to individuals, organizations, and benefits offerings. Among the individual rebate checks and expansion to tax credits for parents, there are a handful of provisions of particular interest for not-for-profit organizations. A brief recap of the most notable changes follows.

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Topics: not-for-profit, NFP, Employee Benefits, Paid Family and Medical Leave, COVID-19, Paycheck Protection Program, PPP, PPP Loan, Stimulus, Employee Retention Tax Credit, ERTC, American Rescue Plan (ARP) Act, ARP Act, American Rescue Plan

Your Questions on PPP2 and PPP Loan Forgiveness Answered
Posted by Jake McDonald on Fri, Jan 29, 2021 @ 04:43 PM

The Paycheck Protection Program (PPP) while popular, left borrowers and lenders with a great deal of questions. Incremental guidelines from the Small Business Administration (SBA) that is administering the federal funds for COVID-19 relief, the IRS, and most significantly, Congress, have answered some of the most pertinent, but the need for further clarification on provisions remain. Some of the most significant questions involve how loan recipients can have their PPP (or if they access the new funding, PPP2) loans forgiven and what proof of documentation may suffice for those loans to be eligible for forgiveness. Keep in mind that the original rules and guidelines of the PPP are in place unless otherwise revised.

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Topics: not-for-profit, NFP, COVID-19, PPP, SBA, PPP Loan Forgiveness, FTE, Covered Period, PPP2, gross revenue, corporate, eligible expenses, payroll, partial loan forgiveness

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.

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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.

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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.

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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

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