Current Expected Credit Loss (CECL) for Private Clubs
Read more about the new guidance on current expected credit loss (CECL) issued by the Financial Accounting Standards Board (FASB) and how it applies to private clubs.
How Private Clubs Can Claim the Employee Retention Credit When Restrictions Are Lifted
Most state and local governments have been lifting COVID-19 restrictions, leaving club management wondering how and if they still qualify for the ERC, especially in the quarter that restrictions are lifted.
FAQs About the Employee Retention Credit and Refundable Tax Credits
The Paycheck Protection Program helped more than four million businesses continue to pay their employees during the coronavirus pandemic.
Coronavirus FAQs for Tax-exempt Clubs
The good news at this point in the coronavirus news cycle is that we’re becoming accustomed to rapid change and a new normal of business operations, or lack thereof. As the saying goes, the devil is in the details.
COVID-19 Offers Opportunity to Give Back to Club Employees
Members join clubs for a variety of reasons, including golf, entertainment and networking, and in doing so, they become part of a close-knit community.
What Tax Exempt Clubs Should Know About the CARES Act
There is so much information out there, and it’s changing regularly, on the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The Impact of Nonmember Revenue on a Club’s Bottom Line
Nonmember revenue can help advance, and impede, club growth. As the club industry continues to evolve between private member-owned clubs and public ones, the majority remain member-owned, focusing on the member’s experience rather than on public consumption. However, board of directors or governors of clubs are trying to fund operations without raising members’ dues while trying increase club use by nonmembers through offering nontraditional activities.
529 Savings Plan Benefits Change for the Better
With the passage of the Tax Cuts and Jobs Act, the benefits of 529 savings plans have changed for the better! The IRS code 529 was modified to specifically include “enrollment or attendance at an elementary or secondary public, private, or religious school” so now parents who have 529 plans, and whose kids are still young, don’t have to pay for the education expenses directly.
It’s Not What You Think: Food and Beverage Is an Amenity
Articles on the topic of food and beverage (F&B) losses come out so regularly they are like a bad record stuck on repeat. Sorry (I’m [...]