Funding received from state or local governments may have originated in the Cares Act and may only be pass-through funding. Thus, the entity may be subject to a single audit requirement. Here is a list of CARES Act- and COVID-19-related programs that could trigger a single audit.
Not-for-profit organizations have been a source of hope and resources for the communities they serve, but many are still struggling with the effects of COVID-19. The latest round of stimulus relief allocated $900 billion to ongoing COVID-19 relief measures, many of which stand to benefit not-for-profits.
Part of the recovery funding for many not-for-profits has come from grants. While these funds have directly helped not-for-profits keep their doors open, many executives may not realize that some of these funds could trigger a single audit.
Many not-for-profits have had an uphill battle since COVID-19 shut down offices and restricted travel.
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.
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?
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.
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.
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).
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.
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