Health & Human Services Articles
Nonprofits Need to Educate Donors About New Tax Benefits
Posted by Cathleen Karpik on February 18, 2021
The Consolidated Appropriations Act, enacted in December 2020, extends and modifies several key tax provisions originally included in the CARES Act. Among the provisions are several that benefit charitable givers — and, by extension, charities.
Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear
Posted by Brian Kern on February 05, 2021
Now that President Biden has taken office and Democrats have a slim majority in the House and Senate, many are eagerly awaiting details on any new significant tax legislation the administration will aim to pass.
When Should Not-for-Profit Organizations Return Donations?
Posted by Robert Torella on January 15, 2021
There are several reasons why donors might ask a not-for-profit to return a gift — for example, if a donor has a change of heart or believes the organization is misusing the funds, but is the organization required to return a donation?
eBook: Payroll Shift – Nonprofits Trend Towards In-House Payroll
Posted by Jonathan Urban on January 04, 2021
One constant in our ever-changing world is the need to pay employees. In fact, payroll is one of the largest expenses most nonprofits encounter.
COVID-19-Related Relief Is Signed Into Law
Posted by Megan Morris on December 31, 2020
On December 27, President Trump signed a new law to provide COVID-19 pandemic relief. The massive 5,500-plus-page relief package contains direct payments to eligible individuals, a 100% business meal tax deduction for the next two years, additional funding for Paycheck Protection Program loans, and much more.
Just in Time for the Holidays: COVID-19-Related Relief
Posted by Megan Morris on December 23, 2020
Congress just passed a new bill to provide COVID-19 pandemic relief. The massive 5,500-plus-page relief package contains direct payments to eligible individuals, a 100% business meal tax deduction for the next two years, additional funding for Paycheck Protection Program loans, and much more. This article provides a brief rundown of some highlights of the Consolidated Appropriations Act of 2021
New Stimulus Package Passed December 21, 2020
Posted by Megan Morris on December 23, 2020
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals, and provide funding for COVID-19 testing and the administration of vaccines.
Nonprofits Have Additional Time to Comply with New Lease Accounting Standards
Posted by Sara Dayton on December 22, 2020
One year ago, we reminded readers that they had one more year to comply with the Financial Accounting Standards Board’s updated lease accounting rules (ASC Topic 842). However, that deadline was extended, meaning many nonprofits may have shifted their attention to other concerns, particularly as COVID-19 rose to the top of everyone’s list of priorities.
Contending With the Patchwork of State Requirements for Nonprofits
Posted by Robert Torella on December 15, 2020
Most states have laws regulating charitable solicitations and when not-for-profits must register with state agencies. Unfortunately, the rules are different in each state and compliance can be challenging and time-consuming.
Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021
Posted by Megan Morris on December 04, 2020
The IRS released a revenue ruling (Revenue Ruling 2020-27) on November 18, 2020 that addresses the timing of eligible expense deductions for taxpayers that have received a loan under the Paycheck Protection Program (PPP) and that expect to receive loan forgiveness. In conjunction with the release of Revenue Ruling 2020-27, the IRS announced a safe harbor procedure (Revenue Procedure 2020-51) for eligible taxpayers that have paid or incurred otherwise eligible PPP expenses during 2020, but loan forgiveness is denied or the taxpayer decides not to request loan forgiveness.