General Form 1099-NEC and 1099-MISC Preparation Guidelines
October 7, 2021 - We often receive questions about IRS Forms 1099-NEC and 1099-MISC. These guidelines can help your organization determine which form to use in various circumstances.
IRS Releases Guidance on Reporting 2021 Qualified Sick and Family Leave Wages
September 9, 2021 - The IRS has released guidance on reporting qualified sick leave and family leave wages provided in 2021. The IRS also released its annual update of per diem rates applicable to travel, effective October 1, 2021.
Resources to Help Your Nonprofit with the Employee Retention Credit
August 25, 2021 - While the Employee Retention Credit (ERC) helped bring relief to nonprofit organizations affected by COVID-19, it also raised a lot of questions. Here are two new resources to help.
IRS Releases Employee Retention Credit Guidance for 3Q and 4Q 2021
August 5, 2021 - The IRS released guidance on claiming the ERC for qualified wages paid after June 30, 2021, and before January 1, 2022, along with further guidance for various ERC issues in 2020 and 2021.
Entities with EINs Must Update Responsible Party Information
August 2, 2021 - The IRS has issued a call for entities with an Employer Identification Number (EIN) to ensure the IRS has the entity’s current “responsible party” on file.
SBA Simplifies Forgiveness Process for PPP Loans of $150,000 or Less
July 30, 2021 - A new SBA PPP Direct Forgiveness Portal will allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly with the SBA.
New IRS FAQs for Paid Leave Provisions Under the American Rescue Plan Act
June 14, 2021 - The IRS has released FAQs addressing paid sick and family leave taken between April 1 and September 30, 2021.
Planning for Success: Key Factors for Nonprofit Executive Compensation
April 27, 2021 - Executive compensation is a complex issue for churches and ministries. This article has insight and resources from industry thought leaders to help you navigate the key considerations.
IRS Issues Final Regulations on UBTI “Silos”
April 27, 2021 - The U.S. Treasury and IRS have published final regulations under Internal Revenue Code Section 512(a)(6), the provision requiring tax-exempt organizations with more than one unrelated trade or business to calculate unrelated business taxable income (UBTI) separately with respect to each trade or business.
IRS Provides Guidance on Reporting Student Assistance Grants on Form 1098-T
April 15, 2021 - The IRS has updated its Higher Education Emergency Grants FAQs with information on reporting student grants provided with HEERF I or HEERF II funding on Form 1098-T, Tuition Statement.