Ideas & Insights

The 2021-2022 Priority Guidance Plan contains anticipated guidance projects that would affect exempt organizations.

IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida in Pennsylvania.

IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida in Mississippi.

IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida in New York and New Jersey.

The IRS will not issue PLRs on transactions involving a PF’s interest in an LLC that owns a disqualified person’s promissory note.

IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida. IRS provides additional relief.

New and clarified regulatory requirements for purchases made by, or on behalf of, exempt entities in Illinois effective June 3, 2021.

Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.

Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.

Learn about the ACE Act, SCOTUS overturning donor disclosure mandates and more in this July 2021 exempt organization update.

Private foundations must electronically file 2020 Forms 4720 with due dates on or after July 15, 2021. Limited exceptions apply.

Some exempt organizations will be subject to Virginia’s informational reporting requirement for unitary businesses, due July 1, 2021.

IRS postpones certain filing, payment and other deadlines for taxpayers affected by Tennessee storms, wind, tornadoes, and flooding.

After technical issues caused the SBA to shut down the SVOG Portal earlier this month, the Portal will relaunch with a revised application.

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 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.

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.