COVID-19 Reopening Guidance for Virginia Nonprofit Organizations
Many not-for-profits have had an uphill battle since COVID-19 shut down offices and restricted travel.
A New Way to Deduct Your #GivingTuesday Donations
The Tax Cuts and Jobs Act significantly reduced the number of taxpayers who itemize deductions (meaning those who actually see a tax benefit for donations made) beginning with the 2018 tax year.
Exempt Organization Inflation Adjusted Items for 2021
Rev. Proc. 2020-45 provides annual inflation adjustments for more than 60 tax provisions, including those affecting exempt organizations. (authored by RSM US LLP)
Tips for Improving Diversity on Nonprofit Boards
Not-for-profit leaders, take a look at the Board of Directors. Who is there? Is it a table (or a Zoom call) of different types of people, with varied backgrounds and different races and cultures?
Taking a Closer Look at Travel Programs Sponsored by Nonprofits
Most of us have been solicited by a nonprofit association to take advantage of their travel tour programs. You look through any association publication and you will find advertisements for various sponsored travel tours.
Final Regs. Address Payments to Charities in Return for SALT Credits
Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.
Fed Expands Main Street Lending Program to Nonprofits
The Federal Reserve Board has established two new loan facilities to expand credit options for nonprofit organizations.
Changes to Not-for-Profit Reporting Requirements of In-Kind Contributions
When it comes to charitable donations, cash might be king, but in-kind contributions play a vital role, too. Donated services and tangible or intangible goods can be sources of revenue and cost savings.
Changes to Donor Disclosures for Exempt Organizations
On May 28, the Treasury and the IRS released final regulations (T.D. 9898) updating information reporting regulations under section 6033 that are generally applicable to organizations exempt from tax under section 501(a).
Impact of Changes to Unrelated Business Taxable Income for Exempt Organizations
The IRS recently issued proposed regulations regarding separately computing UBTI for each trade or business activity that could increase a not-for-profit’s tax exposure and liability.