Ideas & Insights

Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.

Eight new initiatives, affecting exempt orgs, employee plans and tax-exempt bonds, added to IRS Compliance Programs and Priorities website.

The FASB has issued ASU 2021-03, which provides a new goodwill impairment alternative for private companies and not-for-profits.

To stay nimble, nonprofit organizations should examine these five areas to enhance their ability to adapt to change.

The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.

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

Nonprofit organizations must understand how to implement strategies to protect technology and information assets.

The IRS seeks to improve compliance related to tax-exempt hospitals establishing and implementing financial assistance policies.

Taxpayers must electronically file 2020 Forms 990-T with due dates on or after April 15, 2021. Limited exceptions apply.

The American Rescue Plan Act of 2021 extends and expands support for exempt organizations affected by the coronavirus pandemic.

The IRS released a memo to TE/GE division examiners providing guidelines on enforcement of the section 506 notification requirement.

Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.

A discussion of the accounting implications when a donor plans to use a donor-advised fund for a promise to give.

Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.

IRS postpones certain filing, payment and other time sensitive deadlines for taxpayers affected by Texas winter storms.

Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.

Utilizing data as a tool to drive greater efficiency and better decision-making in your nonprofit organization.

Section 4960 final rules generally adopt the proposed regulations with some minor, taxpayer favorable modifications.

The DOL has issued final regulations on the FSLA’s rules for independent contractors including gig workers, but it may be repealed.

The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.