The novel coronavirus (COVID-19) pandemic has forced many of us to work differently — whether it’s isolated at home or in-person wearing facial masks and other protective gear. Even if your not-for-profit’s board of directors usually meets in person, current events strongly suggest the need for a Plan B. Here are some best practices for holding … Read More
Proposed IRS regulations define real property for Section 1031 like-kind exchanges. Under the Tax Cuts and Jobs Act, Sec. 1031 like-kind exchange rules are limited to exchanges of real property completed after Dec. 31, 2017. The proposed regs reflect this change by amending the existing regs to add a definition of real property. The proposed … Read More
A leave-sharing program is one an employer sets up where employees can donate their vacation, sick or personal leave in exchange for the employer making cash payments to a tax-exempt organization. The IRS just provided guidance on leave-sharing programs that provide relief to COVID-19 victims. Specifically, Notice 2020-46 provides that cash payments employers make, under … Read More
Childcare and adult dependent care can be expensive. That’s especially true for essential workers with dependents, now that schools and many traditional care services are closed during the COVID-19 crisis. The IRS is reminding taxpayers that they may be able to claim a valuable tax credit if they pay for care for qualified persons. The … Read More
A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust your expectations if you intend to file a claim because … Read More
Reminder: The extended deadline for paying estimated taxes is about a month away. If you pay estimated taxes, be aware that the first and second quarter payments for tax year 2020, which were originally due April 15 and June 15, are now due July 15. Individuals and corporations that make quarterly estimated tax payments have … Read More
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an … Read More
The IRS is providing a temporary safe harbor for trusts that hold rental real estate. The safe harbor is provided for trusts that hold rental property and are experiencing financial hardship as a result of COVID-19 or have tenants who are suffering due to the pandemic. These trusts will be allowed to make certain modifications … Read More
As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and … Read More
On June 4, the U.S. Senate passed the Paycheck Protection Program (PPP) Flexibility Act of 2020. The president is expected to sign it into law. The bill largely follows the Small Business Administration’s (SBA’s) interim final rule on loan forgiveness requirements issued in late May. The bill eases several of the PPP’s more onerous restrictions … Read More