American Rescue Plan: What Does It Mean?
The American Rescue Plan Act (the Act) s provides a number of items to help aid economic recovery out of the coronavirus pandemic. Read on for a summary of the Act's provisions.
Social Clubs Now Eligible for PPP Loans
The American Rescue Plan Act finally gives 501(c)7 Social Clubs the opportunity to apply for Payroll Protection Program (PPP) loans. But you better act fast because the funding for the second round of the PPP loans closes on March 31, 2021.
Non Member Revenue Reporting Requirements
At the end of last year, many clubs received the exact same form letter from the IRS, Letter 6176 (4-2019) Catalog Number 72211B. The letter appears to have been generated by the IRS and sent to many 501(c)(7) exempt organizations reporting nonmember income regardless of the nonmember percentage of gross receipts.
Impact of Changes to Unrelated Business Taxable Income for Exempt Organizations
The IRS recently issued proposed regulations regarding separately computing UBTI for each trade or business activity that could increase a not-for-profit’s tax exposure and liability.
New Proposed Regulations for UBTI Will Impact Private Clubs
How could a change in the tax law passed in 2017 have a substantial impact on clubs today? Given the recent business disruptions caused by the coronavirus, unrelated business income might not seem like a big deal.
How the CARES Act Helps Non-Profits
The Senate and the House of Representatives have both passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The bill provides $2.2 trillion of Federal funds to keep the economy functioning. But what is in the law to aid Non-profits?
IRS Issues Tax Extension Guidance for Taxpayers
On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.