New Pooled 401(k) Plans Coming in 2021

In the coming year, plan administrators may be approached to join a new type of pooled 401(k) plan. The SECURE Act established a new type of multiple employer plan called a “pooled employer plan” (PEP). These plans allow unrelated employers to participate in a single, shared 401(k) plan. The U.S.

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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

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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

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PPP Re-Opening Date and New Guidance from SBA & Treasury

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make

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