Ideas & Insights

Expanded FAQs further clarify that institutions do not report grant funds paid to students, and students do not include amounts in income.

Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.

New legislation allows nonprofit employers to pay 50% of their unemployment reimbursing payment obligations to states.

The Federal Reserve Board has established two new loan facilities to expand credit options for nonprofit organizations.

IRS explains taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act.

The IRS issued guidance clarifying the definition of gross receipts for tax-exempt employers utilizing the employee retention credit.

Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.

The IRS issued FAQs surrounding the federal income tax consequences to students receiving emergency financial aid grants under the CARES Act