Nonprofit

Best Practices to Ensure Your PPP COVID-19 Loan is Forgiven

NOTE: In early June, new legislation was enacted that extends the time period during which PPP loans may be used and the percentage of the loan that must be used for payroll. We continue to promote the following recommendations, in general, and encourage you to also refer to more... Read more

FAQs: Understanding the New Paycheck Protection Program

[UPDATED 5/26/2020] The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law on Friday, March 27, 2020. In addition to expanded unemployment benefits and tax changes, the CARES Act includes the Paycheck Protection Program (PPP), a significant opportunity for small businesses, nonprofit organizations and sole proprietors that... Read more

If You Guessed PPP Loans Are Tax-Free, Guess Again

Many small businesses have been approved for and now may have received loans through the Paycheck Protection Program (PPP). The PPP was created as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), passed in April, 2020. The PPP loans may not have to be repaid... Read more

IRS Extends Additional Deadlines

In this time of widespread uncertainty, the Department of Treasury and the Internal Revenue Service have attempted to calm some nerves by announcing the extension of several deadlines for both individuals and businesses. Below is a summary of the most recent changes published in Notice 2020-23. Extension of time... Read more

What Should Independent Schools Know about Recent Changes to Financial Accounting Standards for Nonprofits?

One way independent schools and other nonprofits communicate with donors or other stakeholders is through their financial reporting. Sound accounting practices result in financial reports that signal responsible stewardship of donations, tuition or assets in the service of the organization’s mission. New guidance on financial reporting for nonprofit organizations... Read more