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.

2021-04-22T15:06:05-04:00March 16, 2021|Categories: Hospitality, PBMares COVID-19 News|Tags: , , , |

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. 

2020-05-28T14:29:00-04:00May 28, 2020|Categories: Hospitality, Private Clubs|Tags: , , |

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.

2020-05-19T13:08:45-04:00May 19, 2020|Categories: Not-for-Profit|Tags: , , |

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.

2020-04-30T12:57:59-04:00April 30, 2020|Categories: Hospitality, Private Clubs|Tags: , , , |

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?

2020-04-13T14:43:25-04:00March 28, 2020|Categories: Not-for-Profit, PBMares COVID-19 Insights, Private Clubs|Tags: , |

IRS Issues Tax Extension Guidance for Taxpayers

On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.

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. 

2020-01-21T13:20:14-05:00January 14, 2020|Categories: Not-for-Profit|Tags: , |

SECURE Act Impacts Retirement Planning

President Trump signed the latest federal government spending bill on Friday December 20, 2019. The bill includes many tax law changes and extends several expired provisions. The bill also incorporates the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Read on for three changes from the SECURE Act that all taxpayers should know.

2020-01-02T15:07:05-05:00December 24, 2019|Categories: Retirement|Tags: , , , |

Repeal of Nonprofit Parking Tax Announced

Congress has passed a $1.4 Trillion spending bill to avoid a government shutdown which includes a repeal of the tax on nonprofit organizations that provided qualified transportation fringe benefits, otherwise known as the “parking tax”. Any nonprofit that may have paid tax on the transportation fringe benefits should file an amended 990T to claim a refund of the taxes paid.

2019-12-20T18:19:11-05:00December 20, 2019|Categories: Not-for-Profit|Tags: |
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