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Accounting/Reporting Procedures

PPP Loan Forgiveness and Maine Tax Considerations for Tax Exempt Organizations

by Guest Blogger
The Paycheck Protection Program (PPP) program under the CARES Act states that the forgiveness of the PPP loans will not be taxable income.  However, shortly after the CARES Act passed, the IRS announced that they would not allow tax deductions for business expenses paid with PPP loan proceeds that were forgiven. In addition, Maine has […]

What’s UBIT + Why Your Organization Should Pay Attention to Recent Changes

by Jennifer Gray
Updated May 7, 2018 UBIT stands for unrelated business income tax. The federal tax law passed at the end of last year included changes to UBIT that directly impacts nonprofits. Not only should your organization pay attention to the changes to see if you are impacted but we also need to know how your organization […]

Four Things Every Nonprofit Contracting with Government Should Do

by Molly O'Connell
Watch a one hour webinar at your convenience to learn more about getting reimbursement for your nonprofit’s costs. Free for members! The White House Office of Management and Budget (OMB) rules known as the Uniform Guidance went into effect at the end of 2014, representing “historic reform [that] will transform the landscape … for generations to come.” The changes streamline the […]

Help Desk FAQ: What to Do if Your Nonprofit Status Has Been Revoked

by Molly O'Connell
Nonprofit boards – especially those of small, volunteer-driven organizations – can be caught off guard to learn that their tax-exempt status has been revoked. Most tax-exempt nonprofits must file an annual return or notice with the IRS, and failure to file for three consecutive years results in the automatic revocation of tax-exempt status. The IRS provides a lot of […]

Easier Path to Become a 501(c)(3)? IRS Releases New Form

by Molly O'Connell
In follow-up to this article, we share this Nonprofit Quarterly piece that reports on the impacts of the new form after its first two years, and comments on whether there has been an over-correction by the IRS in streamlining this process. Many small nonprofit have been frustrated (dismayed, discouraged) by long delays in processing applications for […]