June 24: The SBA has released further guidance for determining payroll costs and calculating loan forgiveness.  May 15 Update: The SBA has released clarifying guidance on good-faith certification for the PPP. May 11 Update: The IRS has released new guidance concerning employers’ eligibility for the Employee Retention Credit and furloughed employees. April 30 Update: Additional […]

The Washington State Department of Revenue and some Washington city tax authorities have recently issued guidance on taxpayer relief related to the COVID-19 pandemic. The updates are evolving quickly in response to the crisis, and we encourage you to periodically check if additional relief may be available. Below is a summary of the guidance issued […]

Update: On Wednesday, June 3, the Paycheck Protection Program Flexibility Act of 2020 moved to President Trump’s desk for signature. Click here for the latest updates. Update: The SBA has issued “interim final rules.” This article has been edited to reflect the available information. As has been widely reported, the Coronavirus Aid, Relief, and Economic […]

Posted by: Megan Ryan · Andrew Prather

Due to the unfolding COVID-19 pandemic, many not-for-profits have recently had to cancel major upcoming events, including musical and theatrical performances, symphony and performing arts shows, fundraising events, and conferences. These circumstances leave some not-for-profit organizations wondering how to account for the prepaid tickets to these events. First, organizations with deferred revenue related to now-canceled […]

Posted by: Rick Cooley

This article was updated on March 31, 2020 with new information on the CARES Act.  On Wednesday March 18, 2020, President Trump signed the Families First Coronavirus Response Act. Although media coverage of the Act understandably focuses on the paid sick leave and expanded family and medical leave aspects of the legislation, the Act also […]

Posted by: Mitch Hansen

As the COVID-19 pandemic grows, we’ve begun receiving questions from our clients on how to best handle the many disruptions. To help broadly respond to the situation, we’ve decided to publish our responses and recommendations here. So far, the impacts we’re seeing in and out of Washington state include cancellation of events, declining investment portfolios, […]

Posted by: Karen Dunn

At long last, the process for applying for exemption has entered the twenty-first century. Currently the Form 1023, the application for exemption under Internal Revenue Code Section 501(c)(3), may be submitted electronically. However, after April 30, 2020, the IRS will only accept electronic filing of the form and online payment of the user fee. Paper […]

Posted by: Troy Rector

On January 22, 2020, the Office of Management and Budget (OMB) released proposed changes to Title 2 of the Code of Federal Regulations (CFR) for public comment. The Proposed Rule (Federal Register document: 2019-OMB-0005) would affect 2 CFR Parts 25, 170, 183, and 200 with the Uniform Guidance (UG) at 2 CFR Part 200 seeing […]

Posted by: Cheryl R. Olson · Karen Dunn

This article was originally published in NetRaising. Your website may inadvertently cause tax risks to your organization. A website communicates an organization’s mission, programs, and events to donors, volunteers, and the community. That is a valuable service. However, it can also communicate taxable unrelated business activities, prohibited or limited activities, and noncompliance with tax rules. […]

Posted by: Andrew Prather

On February 10, 2020, the Financial Accounting Standards Board (FASB) proposed a new accounting standard that would increase the transparency of certain types of in-kind donations to not-for-profit entities (NFPs). The proposal is in the form of an exposure draft that will be open for public comment through April 10, 2020. A full copy of […]

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