IRS Issues Electronic Filing Mandate for Form 990-T
On March 15, 2021, the IRS announced in an e-News Update for Charities & Nonprofits that mandatory electronic filing of 2020 Forms 990-T has commenced.
IRS Issues Electronic Filing Mandate for Form 990-EZ
On July 15, 2021, the IRS announced in an Exempt Organization update the electronic filing mandate for Form 990-EZ.
Can Not-for-Profits Use Gift Cards?
Not-for-profit organizations may be tempted to give gift cards to employees, volunteers, or those in need, but they need to be mindful of IRS de minimis fringe benefits rules, among other gift card considerations.
Reminder: Nonprofit Filing Deadline for Form 990 is May 17
Not all organizations and due dates were affected when the IRS pushed the annual tax filing deadline back to May 17. Tax-exempt organizations with calendar year-ends are thus reminded that Form 990 and other forms are still due on May 17, 2021.
Single Audit Deadline Delayed by Six Months
On March 19, 2021, the Office of Management and Budget issued a memo directing federal agencies to delay, by six months, the deadline for recipient organizations to submit Single Audits. The new deadlines are September 30, 2021 and March 31, 2022.
COVID-19 Relief Money Available for Virginia Non-Public Schools
Non-public schools have an opportunity to apply for federal funding through the Emergency Assistance to Non-Public Schools (EANS) Program. Virginia participates in this program, but administrators should act quickly as the funds are limited.
More Funding for Not-for-Profits in the New COVID-19 Stimulus Bill
The American Rescue Plan Act's changes to the Paycheck Protection Program make it easier for more not-for-profit organizations to receive funding – but as of now, the deadline to apply for PPP funds remains March 31.
Is Your Nonprofit Board Designed to Properly Oversee an Audit?
NFPs have always been adept at achieving great outcomes with few resources. This strength was put to the test even more in the past year. Whether an organization received extra funding or not, proper governance and fiscal oversight are more important than ever.
Do You Qualify for the Employee Retention Credit?
The Employee Retention Credit (ERC) incentivizes organizations to keep employees on the payroll during COVID-19, and with new rules, it’s possible to claim as much as $14,000 per employee in 2021.
What’s Your Not-for-Profit’s Liquidity Policy?
It’s time to re-evaluate what liquidity actually means and how well-crafted policies can improve an organization’s operations, finances, and be a tool for educating the public, the Board, and management.