Nonprofit Resources
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.
IRS Releases Employee Retention Credit Guidance for 1Q and 2Q 2021
April 5, 2021 - New guidance from the IRS covers qualified wages paid after December 31, 2020 and before July 1, 2021. This expands on previous guidance related to claiming the credit in 2020.
Paycheck Protection Program Application Deadline Extended to May 31, 2021
March 31, 2021 - The PPP Extension Act of 2021 has extended the Paycheck Protection Program deadline by two months. The program had been set to expire on March 31.
SBA Provides New Paycheck Protection Loan FAQs
March 4, 2021 - The Small Business Administration has released several new Paycheck Protection Program (PPP) Loan FAQs covering a variety of First Draw and Second Draw PPP loan details.
