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 value them.

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Here’s a brief summary.


Continue Reading Handling Gifts in Kind and Donated Services During COVID-19

Millions of eligible Americans have already received their Economic Impact Payments (EIP) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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Here are some answers to questions you may have about EIPs.

Who’s eligible to get an EIP?
Eligible taxpayers who filed their 2018 or 2019 returns and chose direct deposit of their refunds automatically receive an Economic Impact Payment. You must be a U.S. citizen or U.S. resident alien and you can’t be claimed as a dependent on someone else’s tax return. In general, you must also have a valid Social Security number and have adjusted gross income (AGI) under a certain threshold.
Continue Reading Economic Impact Payments – Answers to Your Questions

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief.

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Here are some new announcements made by the IRS.

More Deadlines Extended
As you probably know, the IRS postponed the due dates for certain federal income tax payments — but not all of them. New guidance now expands on the filing and payment relief for individuals, estates, corporations and others.
Continue Reading More COVID-19 Relief Announced by IRS

Although most not-for-profits have been hurt by the coronavirus (COVID-19) pandemic, your organization’s specific challenges probably depend on your mission, constituency and other factors. For example, social distancing rules have forced most arts organization to temporarily shut down and furlough employees. Many social services charities, on the other hand, have remained open and are struggling to meet surging demand for services.

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What unites the not-for-profit sector right now is financial insecurity. Without reserves and a resilient revenue model, you may be unable to continue operations. Here’s how your leadership needs to act to keep your organization afloat.


Continue Reading COVID-19 and Your Not-for-Profit’s Action Plan

As we all try to keep ourselves, our loved ones and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes which were part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, 2020. The CARES Act contains a variety of relief, notably the “economic impact payments,” which will be made to people under a certain income threshold.

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But the law also makes some changes to retirement plan rules and provides a new tax break for some people who contribute to charity.


Continue Reading How CARES Act Changes Retirement Plan and Charitable Contribution Rules

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief