Charitable Giving: Gifting Your Life Insurance Policy to a Non-Profit
Life insurance policies are a great way to pass on a large sum of money to a beneficiary when you pass away. What many people don’t know is that you can name a non-profit organization as the beneficiary. This makes it possible to give a much bigger donation than you
New Program Provides COVID-19 Relief Funding for Private Schools
The coronavirus has created unprecedented educational disruptions across the country – schools shifting online, closing, reopening for in-person classes, and then going back to an online format as the pandemic surges and recedes. Schools have also had to reconfigure classrooms and common spaces and reduce capacity to enable social distancing,
Shuttered Venue Operators – Apply Early for Aid
Though virtually no industry remains untouched by the pandemic’s economic impact, live venue operators are among the hardest hit – and the latest round of COVID-19 relief funding includes special provisions to help them weather the storm. Relief is coming, with the Small Business Administration (SBA) expected to begin accepting
Non-Profit Provisions in Latest COVID Relief Legislation
New legislation designed to support millions of Americans as they continue to struggle with the impact of COVID-19 on their health, livelihood, and community went into effect at the end of 2020. One of the major provisions of the Consolidated Appropriations Act (CAA) is relief for not-for-profit organizations. Here are
IRS Hosts Non-Employee Compensation Awareness Meetings
New for 2021 is Form 1099-NEC (Non-employee Compensation). The IRS now requires exempt organizations to report non-employee compensation on the new Form 1099-NEC instead of Form 1099-MISC. This is for payments totaling $600 or more to a nonemployee, such as an independent contractor. Form 1099-NEC should be filed with the
OMB Approves Compliance Supplement Addendum for COVID-19 Programs
On December 22, 2020, the Office of Management and Budget approved and posted the Compliance Supplement Addendum for COVID-19 programs administered in 2020. This addendum is effective for audits beginning after June 30, 2019. The reason for the addendum is to provide guidance for entities with COVID-19 program expenditures that