The US Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) recently issued proposed regulations under Internal Revenue Code Section 4966 (the Proposed Regulations) that provide important clarifications...more
Nonprofit organizations are on the front lines in the battle against the coronavirus (COVID-19), but they also number among the many victims of COVID-19’s devastating financial impact. In response, the Federal Reserve...more
11/6/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Reserve ,
Financial Stimulus ,
Infectious Diseases ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Nonprofit Organization Expanded Loan Facility (NOELF) ,
Nonprofit Organization New Loan Facility (NONLF) ,
Relief Measures ,
Special Purpose Vehicles
Nonprofit organizations are on the front lines in the battle against the coronavirus (COVID-19), but they also number among the many victims of COVID-19’s devastating financial impact. In response, the Federal Reserve...more
The Internal Revenue Service (IRS) issued a proposed revenue procedure on group rulings that includes significant changes to the existing procedures under Rev. Proc. 80-27 and substantially restricts eligibility for group...more
The Internal Revenue Service and US Department of the Treasury have released proposed regulations governing the excise tax imposed by Internal Revenue Code Section 4960 on certain executive compensation paid to employees of...more
The Coronavirus Aid, Relief and Economic Security (CARES) Act provides economic relief to organizations, including nonprofits, facing financial challenges as a result of the coronavirus (COVID-19) pandemic....more
4/10/2020
/ Affiliated-Business Arrangements ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
NAICS ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
On December 20, 2019, Congress retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), which had increased unrelated business taxable income by amounts paid or incurred for qualified transportation fringes....more
1/27/2020
/ Compensation & Benefits ,
Fringe Benefits ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Nonprofits ,
Required Forms ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Refunds ,
Transportation Expenses ,
UBIT ,
Unrelated Business Income Tax
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the Act) was signed into law on December 20, 2019, as part of the Further Consolidated Appropriations Act, 2020 (PL 116-94). The Act contained a number of changes...more
The Internal Revenue Service and US Treasury Department have requested comments on proposed rules to enable certain tax-exempt organizations to redact information about donors on their annual information returns.
...more