Not-for-Profit

SBA again extends deferment period for EIDL payments

Small businesses and not-for-profits that received funding through the COVID-19 Economic Injury Disaster Loan program won’t have to begin payments on the loan until 30 months after the loan was made, the US SBA announced.

The value of ‘connection to the mission’ for one not-for-profit CFO

In part one of a two-part conversation, Calvin Harris explains why the National Urban League was well positioned to receive an increase in donations at the onset of the COVID-19 pandemic, what the organization did with that revenue, and how he approaches retention and development of employees.

Amish Mehta, CPA

"I saw accounting wasn’t just about numbers — it was about getting to know different clients as well as their businesses and industries," says Amish Mehta, CPA.

Sorting out tax exempts’ UBTI painlessly

To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.

Tips for lease accounting amid financial uncertainty

Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.

How a church can prevent fraud without compromising its values

Religious organizations are vulnerable to fraud precisely because of the tenets of trust and forgiveness that define them, and the pandemic has led to increased risks. CPAs are in a position to advise churches on steps they can take to reduce fraud risk without compromising their principles.

Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.

Where to find November’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.