Nonprofit Resources
Minister’s Housing Allowance Can Be Included in Payroll Costs for PPP Loans
April 24, 2020 - The SBA has approved the inclusion of the minister’s housing allowance in payroll costs for purposes of applying for a Paycheck Protection Program (PPP) loan and seeing loan forgiveness.
SBA Provides FAQs on Calculating Payroll Costs for PPP Loans
April 24, 2020 - The Small Business Administration (SBA) has released guidance to help businesses and organizations calculate their payroll costs when determining the amount of a Paycheck Protection Program (PPP) loan they can apply for.
New COVID-19 Resources for Nonprofits, Churches & Higher Ed
April 23, 2020 - Articles, webcasts, IRS updates, and more — here is what's new this week.
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.