EXPENSES PAID WITH FORGIVEN PAYCHECK PROTECTION PROGRAM LOAN NOT DEDUCTIBLE
In a Notice, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both The payment of the expense results in forgiveness of […]
The new COVID-19 law provides businesses with more relief
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus […]
Answers to questions about the CARES Act employee retention tax credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the […]
Relief from not making employment tax deposits due to COVID-19 tax credits
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in […]
Paycheck Protection Program Loans: Frequently Asked Questions (FAQs)
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the […]
Surviving the COVID-19 crisis: A nonprofit action plan
Although most not-for-profits have been hurt by the coronavirus (COVID-19) pandemic, your organization’s specific challenges probably depend on your mission, constituency and other factors. For example, social distancing rules have […]
CARES Act offers new hope for cash-strapped nonprofits
On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It […]
What COVID-19 legislation means for nonprofits and their staffers
Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March […]
The Small Business Administration launches the Paycheck Protection Program
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover […]
COVID-19 stimulus package offers relief to affected individual taxpayers
To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern […]