Ideas & Insights

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

These proposed regulations apply to the extension of time to rollover participant loans provided by the Tax Cuts and Jobs Act (TCJA).

Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.

An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.

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.

Notice 2020-56 extends until Dec. 31, 2020, the due date for CHNAs or implementation strategies due on or after April 1, 2020.

TEGE will resume exam activities on July 16, 2020 and will allow agents and managers to exercise discretion in granting IDR extensions.

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.

Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.

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

Final regulations promulgated under section 6033 reduce Form 990, Schedule B reporting for certain exempt organizations.

Deadlines postponed for certain employment taxes, employee benefit plans, IRAs, HSAs, MSAs and other time-sensitive actions.

SBA continues to issue guidance on PPP loan repayment criteria; however more loan forgiveness guidance is necessary.

The IRS released a proposed revenue procedure intended to update existing rules with respect to obtaining and maintaining a group exemption.

Congress authorizes additional $310 billion for PPP; SBA issues additional eligibility guidance for hedge funds and private equity.

Treasury and the IRS release long-awaited guidance to exempt organizations under section 512(a)(6) for separately computing UBTI.

Because of COVID-19 concerns, the IRS is extending pending deadlines for employers to adopt updated 403(b) retirement plan documents.

The CARES Act provides broad support and relief for tax-exempt organizations affected by the coronavirus pandemic.