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!Read More
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.Read More
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.Read More
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.Read More
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.Read More
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).
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.Read More
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.
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, requires the annual filing of FinCEN Form 114, Report of Foreign Bank and Financial Accounts, by organizations that had an interest in, or signature or other authority over, financial accounts having an aggregate value exceeding $10,000 in a foreign country at any time during the calendar year reported. Financial accounts include bank accounts, brokerage accounts, mutual funds, trusts, or other types of foreign financial accounts. Keep in mind that the FinCEN Form 114 supersedes the prior Form TD F 90-22.1.Read More