COVID-19’s Lasting Effects on Nonprofits – Financial Reporting
Nonprofits should consider the impact of COVID-19 on the organization’s accounting and reporting for areas like fair value measurement, modifications of liabilities, and going concern evaluations.
COVID-19’s Lasting Effects on Nonprofits – Relief Programs
The American Rescue Plan Act of 2021 made many large nonprofit organizations eligible to apply for PPP loans for the first time. The legislation also provided new or extended employment-related programs (such as the Employee Retention Credit) and allocated federal funding for many programs championed by nonprofits, such as childcare, arts and humanities, food assistance and services for the homeless.
Should You File Past Due Tax Returns?
Every year, many people who should have filed a tax return (or several years of returns) don’t file. Some think that if they cannot afford to pay the taxes due, they are better off not filing. For one reason or another, they missed the deadline and now wonder whether they’re better off filing the past due returns or trying to forget them.
403(b) Universal Availability Requirements
The IRS has been actively examining plans that may have inappropriately excluded eligible employees from participating based upon historical or industry practice. In the past, it was common for colleges to exclude adjunct professors or athletic coaches from participating in their plans. Hospitals sometimes did the same for on-call or casual nurses.
Maximizing the Employee Retention Credit
The ERC is a refundable payroll tax credit for qualified wages paid to employees of businesses dealing with a significant decline in gross receipts and/or closed or running limited operations because of government-mandated pandemic restrictions.
Under the Act, employers can receive a maximum credit of $14,000 per employee for the first two quarters of 2021.