New revenue idea? Watch out for the commerciality doctrine
If your not-for-profit has lost financial support during the pandemic, you may be looking for ways to raise new revenue. But if your proposed solution is a side business, be […]
AMERICAN RESCUE PLAN ACT (ARPA) MODIFICATIONS TO THE EMPLOYEE RETENTION TAX CREDIT IN 2021
The American Rescue Plan Act (ARPA), signed by President Biden on March 11, 2021 provided modification and extension of the employee retention tax credit (ERTC). Background. Congress originally enacted the […]
The American Rescue Plan Act has passed: What’s in it for you?
Today, March 11, 2021, President Biden signed into law the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. […]
Nonprofits: Hit your targets with benchmarking
How committed is your not-for-profit organization to benchmarking? Perhaps you think it makes sense in the for-profit sphere, but not as much for charities and other nonprofits. If so, you’re […]
Rebuilding your nonprofit’s operating reserves
Events of the past year put a dent in many not-for-profit’s reserves. Perhaps you tapped this stash to buy personal protective equipment or to pay staffers’ salaries when your budget […]
Updated guidance on the employee payroll tax deferral
In late January, the IRS updated Notice 2020-65. It provides guidance regarding an executive memorandum signed last summer that allowed employers to defer the withholding, deposit and payment of certain payroll […]
2021 Tax Calendar
To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments, and other actions are due. Please review the […]
Corporate Philanthropy
A new tax incentive may give disaster relief funds a huge boost to certain donations from corporations. In 2020, the Consolidated Appropriations Act (CAA) established a new category of “qualified […]
IRS Identity Theft Program Now Open!
The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you […]
Oops! I wish I knew That.
Here are six tax topics that seem innocent but can cause problems if not handled correctly. 1. Gambling winnings. If you receive a tax form at a casino for your winnings, […]