As the COVID-19 pandemic continues, various not-for-profit organizations have experienced a decline in charitable contributions from supporters, and Congress responded with a new provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act – Public Law (P.L.) 116-136.

a computer screen with white numbers and red numbers in the shape of a heart; image used for blog post about charitable deductions provision under CARES Act

This provision aims to provide relief to charitable organizations. Under Section 2204, the provision allows

The Small Business Administration (SBA) and Department of Treasury released an updated Paycheck Protection Program (PPP) Loan Forgiveness FAQ with detailed instructions on Tuesday, August 4, 2020 as the COVID-19 pandemic continues.

hands typing on a laptop; image used for a COVID-19 update about the Paycheck Protection Program (PPP) Loan Forgiveness Application

The FAQs cover:

  • General loan forgiveness
  • Payroll costs
  • Nonpayroll costs
  • Reductions

Future legislation may impact this and other PPP-related guidance. We will continue

After careful planning and collaboration with the Employee Benefit Plan Audit and Consulting niche team, PKF Texas hosted its first virtual Zoom webinar during the COVID-19 pandemic, “Retirement Plans: Navigating Recent Law Changes & Using Them to Your Advantage,” on June 25, 2020.

promotional image of Kristin Ryan, Carl Gillette and Brian Giovannini for a Zoom webinar about employee benefit plans during COVID-19 pandemic

The webinar featured Kristin Ryan, CPA, PKF Texas; Carl Gillette, Aon; and Brian Giovannini, Haynes and Boone, LLP, where they discussed:

  • Key provisions of the CARES Act, SECURE Act and other regulatory updates
  • Retirement plans design considerations and best practices
  • Implementation and potential roadblocks


Continue Reading Recap: Retirement Plans: Navigating Recent Law Changes Zoom Webinar

The Paycheck Protection Program (PPP) Flexibility Act amends the Small Business Act and the CARES Act, modifying certain provisions in an attempt to make it easier for businesses to have their PPP loans forgiven. For many companies these are welcome changes. However, there are few things to bring to your attention which could lead to unintended consequences in limited cases.

The one constant in the PPP is that the program will change. We do not expect this recent update to be the final PPP outlook, and we anticipate changes to the forgiveness form, as well as more regulatory interpretations that will impact the Program.


Continue Reading What to Watch Out for in the Paycheck Protection Program Flexibility Act

The COVID-19 pandemic has affected businesses and not-for-profit organizations alike. With Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law, what options do organizations have to receive funds?

The Not-for-Profit team wants to share with you a special information sheet answering questions you may have:

thumbnail image of PDF for cash options for not-for-profit under the CARES act
  • Five ways to get cash now under the

The Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application with detailed instructions on Friday, May 15, 2020.

hands typing on a laptop; image used for a COVID-19 update about the Paycheck Protection Program Loan Forgiveness Application

The SBA form has instructions that include:

  • The option for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility

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.

close up image of a journal with black ink writing on top of papers for at ax statement for year 2019; image used for blog post about COVID-19 relief announced by the IRS

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