Should Your Nonprofit Accept Cryptocurrency Donations?

July 19, 2021

Cryptocurrency has gone mainstream, and it’s time to decide if your nonprofit will accept donations in virtual currency. Before your nonprofit says “yes” to a Bitcoin or other cryptocurrency gift, make sure you understand the issues involved. Risks of cryptocurrency Cryptocurrency refers to a decentralized form of digital currency that’s tracked in a blockchain ledger.…

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employee retention credit

Employer Leave-Based Donation Programs Are Extended

July 12, 2021

The IRS is extending the tax relief for employer leave-based donation programs aiding victims of the COVID-19 pandemic that was previously provided in Notice 2020-46. The relief offered in response to the COVID-19 pandemic is now extended through December 31, 2021. Under Notice 2021-42, leave-based donation programs are cash payments employers make to charitable organizations…

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tax faqs

Frequently Asked Questions on Tax Credits from the American Rescue Plan

June 15, 2021

The IRS released frequently asked questions regarding claiming credits under the American Rescue Plan. The FAQs provide details on the child and dependent care credit and the paid sick and family leave credit. Child and dependent care credit For 2021, eligible taxpayers can claim qualifying work-related expenses up to: $8,000 for one qualifying person, up…

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What Nonprofits Need to Know About New Accounting Rules for Gifts-In-Kind

May 24, 2021

If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services, and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets is intended to increase transparency around gifts-in-kind. Background The…

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Is Your Organization Secure? How Auditors Assess Cyber Risks

May 10, 2021

Data security is a critical part of the audit risk assessment of an organization. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While conducting fieldwork, they’ll assess how your practices measure up and whether your company…

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ppp loan

Did Your Small Business Receive a Paycheck Protection Program Loan? You May Be Eligible for a Safe Harbor

April 26, 2021

A safe harbor is now available to small businesses that received first-round Paycheck Protection Program (PPP) loans. The safe harbor allows recipients who filed their 2020 tax returns on or before Dec. 27, 2020, and didn’t deduct certain deductible expenses, the option to elect to deduct those expenses on their 2021 return rather than filing…

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