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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

Loan Necessity Guidance Issued for Not-For-Profit Organizations
Posted by Jake McDonald on Tue, Dec 1, 2020 @ 09:37 AM

A key deadline for organizations that received a Paycheck Protection Program (PPP) loan is fast approaching. The PPP has a safe harbor for bringing back Full Time Equivalent (FTE) headcount that is measured on Dec. 31, 2020. Employee headcount is vital to determining PPP loan forgiveness applicability since the purpose of the COVID-19 stimulus program was to help organizations retain their employees. Organizations looking to take advantage of the safe harbor will have to be mindful of their FTE numbers, particularly when completing their PPP loan forgiveness application, which also has stringent timeline guidance. PPP loan forgiveness applications must be submitted to the PPP lender within 10 months of the end of the Covered Period (an 8-week or 24-week tracking period of the PPP loan).

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Topics: not-for-profit, NFP, COVID-19, PPP, OSHA, SBA, PPPFA, PPP Loan Forgiveness, Loan Necessity Questionnaire, FTE, Full Time Equivalent, Covered Period, CDC, DHHS

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

Is Your Organization Going to Be Subject to a Federal Single Audit?
Posted by Michelle Sylvia Spriggs on Tue, Aug 18, 2020 @ 05:43 PM

Federal aid swiftly followed the disruption caused by the COVID-19 pandemic, with new programs coming from the Coronavirus Aid, Relief and Economic Security (CARES) Act and additional funding to existing programs. For-profit and not-for-profit organizations of all types received support in the form of grants and may now find themselves with new reporting requirements. For-profit organizations that received coronavirus relief funds may even be facing their first Single Audit under the Office of Management and Budget (OMB)’s Uniform Grant Guidance (UGG).

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Topics: not-for-profit, compliance, OMB, NFP, single audit, Uniform Grant Guidance, COVID-19, PPP, extension, payment protection plan, Office of Management and Budget, Coronavirus Relief Fund, Education Stabilization Fund, UGG

What Additional COVID-19 Legislation Could Look Like for Not-For-Profits
Posted by Bill Smith on Mon, Aug 3, 2020 @ 02:32 PM

In late July, Senate Republicans released a proposal for the fourth round of coronavirus relief legislation. The collective of bills involved are being referred to as the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The $1 trillion proposal contains nine separate bills that cover everything from expansions of existing coronavirus relief measures to additional funding for educational institutions. Below are five key proposals that could affect not-for-profit organizations..

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Topics: not-for-profit, NFP, university, tax credit, COVID-19, Paycheck Protection Program, Employee Retention Credits, PPP, PPP Loan, Heals Act, Senate Republican, Stimulus, Republican Party

Memo Clarifies Single Audit Relief Provisions
Posted by Michelle Sylvia Spriggs on Tue, Jun 30, 2020 @ 11:21 AM

Thanks to a recent memo from the Office of Management and Budget (OMB), some organizations subject to the Uniform Grant Guidance will no longer be provided an extension to file their Single Audit with the Federal Audit Clearinghouse. Memo M-20-26, Extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations eliminates a previous six-month extension that had been granted to organizations with fiscal year ends falling between Dec. 31, 2019, through June 30, 2020. Those Single Audits would be due within the normal due date under the Uniform Grant Guidance, nine months after the fiscal year end.

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Topics: not-for-profit, compliance, OMB, NFP, single audit, Uniform Grant Guidance, COVID-19, PPP, extension, payment protection plan, Office of Management and Budget, Appendix XI

How Not-For-Profits Account for PPP Loans
Posted by Kelli Cloutier on Mon, Jun 15, 2020 @ 09:00 AM

Not-for-profit organizations faced a particularly difficult time in the wake of the COVID-19 pandemic, with many having to temporarily shutter their doors to help mitigate the spread of the coronavirus disease. Assistance contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act broadened loan programs for small businesses to include not-for-profit organizations. These loan provisions generally provide some additional financial support to organizations with 500 or fewer employees.

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Topics: not-for-profit, NFP, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, asc topic 958, asc topic 470, debt

My PPP Loan Was Funded…Now What?
Posted by Michael Stewart on Wed, May 27, 2020 @ 01:21 PM

Since inception, by way of the CARES Act, the Paycheck Protection Program (PPP) has been the prime focus for American small businesses. That focus has generated many questions and concerns as such a massive program pieced together in a very short period of time is inherently subject to ambiguity and unintended outcomes.

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Topics: not-for-profit, NFP, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration

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