Countless aspects of life and business have made a hasty transition into the digital realm since the onset of COVID-19. Working with professional advisors like your CPA is no exception. This year, the audit process will look a little different, as many audits will be conducted remotely due to travel and social distancing requirements. Since
Read More...
Nonprofit organizations that received loans through the first round of the Paycheck Protection Program (PPP1) may be eligible for a second draw of PPP funding (PPP2). PPP2 was among the provisions included in the COVID-19-Related Tax Relief Act (COVIDTRA) legislation. Small, community financial institutions may submit PPP loan applications for first-time PPP borrowers to the
Read More...
The IRS recently issued final regulations that provide exempt organizations subject to the unrelated business income tax (UBIT) with guidelines for determining whether their organization is made up of more than one unrelated trade or business and, for those that in fact are, how unrelated business taxable income (UBTI) is calculated. What are the key
Read More...
The Small Business Administration (SBA) has developed two questionnaires, one for nonprofit borrowers and one for for-profit business borrowers, that will go to Paycheck Protection Program (PPP) borrowers with loans, together with their affiliates, totaling $2 million or more. These questionnaires are part of the SBA’s review of the program, including review of good-faith certifications
Read More...
On September 17th, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The FASB ASU requires nonprofits to change their financial statement presentation and disclosure of contributed nonfinancial assets, or gifts-in-kind. The FASB issued the update in an effort
Read More...