American Rescue Plan: What Does It Mean?
The American Rescue Plan Act (the Act) s provides a number of items to help aid economic recovery out of the coronavirus pandemic. Read on for a summary of the Act's provisions.
Webinar Recording: PPP Loan Recipients Eligible for ERC
View recording and slides. Eligible employers can take advantage of the newly extended employee retention credit, designed to make it easier for businesses that choose to keep their employees on the payroll despite challenges from COVID-19.
Social Clubs Now Eligible for PPP Loans
The American Rescue Plan Act finally gives 501(c)7 Social Clubs the opportunity to apply for Payroll Protection Program (PPP) loans. But you better act fast because the funding for the second round of the PPP loans closes on March 31, 2021.
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.
Non Member Revenue Reporting Requirements
At the end of last year, many clubs received the exact same form letter from the IRS, Letter 6176 (4-2019) Catalog Number 72211B. The letter appears to have been generated by the IRS and sent to many 501(c)(7) exempt organizations reporting nonmember income regardless of the nonmember percentage of gross receipts.
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.
New Proposed Regulations for UBTI Will Impact Private Clubs
How could a change in the tax law passed in 2017 have a substantial impact on clubs today? Given the recent business disruptions caused by the coronavirus, unrelated business income might not seem like a big deal.
How the CARES Act Helps Non-Profits
The Senate and the House of Representatives have both passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The bill provides $2.2 trillion of Federal funds to keep the economy functioning. But what is in the law to aid Non-profits?
Changes to Net Operating Losses of Unrelated Business Activities for Nonprofits
Nonprofits are now required to silo Net Operating Losses (NOLs) from one unrelated business activity so that it doesn’t create a reduction of taxable income from another profitable unrelated business activity.