Nonprofit Resources
Watch for These Errors When Filing for COVID-19-Related Employer Credits
April 23, 2020 - The IRS is warning employers to watch out for these common mistakes when filing Form 7200, Advance Payment of Employer Credits Due to COVID-19.
Substantial Presence Test Relief for Certain Eligible Non-Resident Aliens
April 22, 2020 - The IRS has granted relief from the “number of days requirement” applicable in the “substantial presence test” to certain non-resident alien individuals who will be in the U.S. in 2020 for more days than anticipated due to travel restrictions arising from the COVID-19 pandemic.
Preparing for Paycheck Protection Program Loan Forgiveness
April 22, 2020 - If your nonprofit applied for and received a loan through the Paycheck Protection Program (PPP), it’s important to take immediate steps to ensure the funds are correctly handled and tracked during the next eight weeks.
COVID-19 and Church Giving: How Does Your Church Compare?
April 21, 2020 - We surveyed churches of all sizes across the U.S. to gauge the impact and trends of recent events on giving. See how your church compares.
IRS Extends Deadline for Self-Correction of 403(b) Plan Provisions to June 30
April 21, 2020 - If your nonprofit sponsors a 403(b) retirement plan with provisions that fail to meet Internal Revenue Code (IRC) Section 403(b) requirements, you can correct this by adopting plan amendments. The IRS has extended the deadline to June 30, 2020.
Waiver of Time Requirements for Certain Individuals Eligible for the Foreign Earned Income Exclusion
April 21, 2020 - The IRS has granted individuals otherwise eligible for the foreign earned income exclusion to waive days of presence in the U.S. due to the COVID-19 pandemic.
Mission Agencies and Paycheck Protection Program Loans
April 20, 2020 - Paycheck Protection Program loans have unique considerations for many mission agencies. We look at how to define principal place of residence and best practices for using and accounting for the loan proceeds.
IRS Provides FAQs About the Employee Retention Credit
April 20, 2020 - Organizations that did not receive or apply for a Paycheck Protection Program loan may be eligible to claim the benefits of the Employee Retention Credit. The IRS has provided a set of FAQs on the credit.
New COVID-19 Resources for Nonprofits, Churches & Higher Ed
April 16, 2020 - Surveys, articles, webcasts, and more — here is what's new this week.
Direct Financial Aid Grants for Students Under the CARES Act
April 15, 2020 - As more guidance about the CARES Act becomes available, higher education institutions have questions about the funds available to them. Here's a look at two common questions about direct financial aid grants for students under the CARES Act.