Jennifer Solot

Recent Posts

About That IRS Notice: Do You Need To Respond?

Posted by Jennifer Solot on Feb 18, 2022 3:22:09 PM

BBD has seen many of our nonprofit clients experience an uptick in IRS notices, but, unfortunately, there has been no correlating rise in the IRS’ ability to manage responses.

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Hurricane Ida- Important Tax Relief Information for Pennsylvania and New Jersey Nonprofits

Posted by Jennifer Solot on Oct 25, 2021 4:43:05 PM

The IRS is continuing to update the list of Pennsylvania and New Jersey counties that qualify for an additional extension of time to file returns until January 3, 2022 as a result of the impact of Hurricane Ida.

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Update for Nonprofits on the American Rescue Plan Act’s Employee Retention Credit

Posted by Jennifer Solot on Jul 13, 2021 7:13:00 PM

The American Rescue Plan Act (the Act) was signed in March and expanded the eligibility for the Employee Retention Credit (ERC), as well as extending the credit period through the end of 2021. While the 2020 credit was limited to 50% of $10,000 in qualified wages per employee, the Act increased this amount to 70% of qualified wages paid per employee per quarter. That’s a potential credit of $28,000 per employee for 2021!

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Pennsylvania Nonprofits: Don't Forget to File Your Decennial Report

Posted by Jennifer Solot on Jan 5, 2021 4:00:00 PM

Beginning January 15, 2021, the Pennsylvania Department of State will begin notifying all corporations, including nonprofit corporations, of their need to file a Decennial Report. 

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COVID Update: Consolidated Appropriations Act of 2021

Posted by Jennifer Solot on Jan 4, 2021 12:29:00 PM

On December 27, 2020, the Consolidated Appropriations Act of 2021 (Act) was signed into law. The Act affects several provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The largest of these relates to the Paycheck Protection Program (PPP) loans.

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CARES Act Update: PPP Loan Forgiveness

Posted by Jennifer Solot on May 29, 2020 3:57:43 PM

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, provided the Small Business Administration (SBA), the authority under a new program titled the Paycheck Protection Program” (PPP), to forgive up to the full principal amount of loans guaranteed under this program. In general, subject to several limitations, the eligible forgiveness amount covers payroll costs and non-payroll costs, such as business mortgage interest payments, business rent obligations and business utility payments paid during the covered period.

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The CARES Act and Nonprofits: What You Need To Know

Posted by Jennifer Solot on Mar 30, 2020 8:53:58 AM

As Americans continue to grapple with the devastating effects of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on Friday, March 27. CARES contains 880 pages of stimulus intended to bolster the economy through benefits aimed at individuals and businesses alike. But how will CARES help the nonprofit community, which relies so heavily on the generosity of donors in order to fulfill missions and perform services? Although advocates are still seeking $60 billion in stimulus aimed directly at nonprofits, there are a number of provisions included in CARES that may help aid nonprofits through these uncertain times.

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Remove "Employee Parking" Signs by March 31

Posted by Jennifer Solot on Feb 28, 2019 3:50:50 PM

By now you probably know that the Tax Cuts and Jobs Act that was signed into law in December 2017 eliminated the business deduction for Qualified Transportation Fringes (QTFs).

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IRS Publication 15-B Offers Additional Guidance on Qualified Transportation Fringe Benefits

Posted by Jennifer Solot on Aug 2, 2018 4:00:09 PM

The Tax Cuts and Jobs Act of 2017 that was signed into law on December 22, 2017 contains several provisions, including some related to qualified transportation fringe benefits.

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Rebuttable Presumption and Compensation Packages

Posted by Jennifer Solot on May 15, 2015 3:00:00 PM

An Excess Benefit Transaction occurs when the consideration that a disqualified person receives exceeds the value that is warranted by the person’s employment with a tax-exempt organization.  In simple terms, the employee is getting paid more than their actions are worth.  This can cause serious complications as the IRS imposes an excise tax on these excess benefits. 

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