When Does it Pay to Outsource Your Bookkeeping?
Bookkeeping is an essential component of any company, including nonprofits. Is it better to have in-house bookkeeping, or to outsource? Read more about how to make this important decision.
How to Form a Nonprofit in North Carolina
There are several action items to complete to ensure you are following all laws and regulations to set up a nonprofit in the state of North Carolina. Read more about the steps you should follow.
Update on North Carolina Pass-Through Entity Tax and 2022 Estimated Tax Payments
For tax years beginning after 2021, partnerships and S Corporations can make a Pass-Through Entity Tax (Taxed PTE) Election to pay North Carolina income tax at the entity level creating a deduction against pass-through federal income. Click above to find out more.
Paycheck Protection Program Loan Forgiveness Updates
The SBA has continued to provide updated guidance based on new legislation and to address many of the questions and concerns Borrowers have as they move closer to applying for loan forgiveness. Click to learn more.
Paycheck Protection Program Flexibility Act
On June 5, 2020 President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) to make it easier for borrowers to qualify for forgiveness. Click to learn more.
Paycheck Protection Program Good Faith Certification
The SBA and Treasury Department recently updated their FAQs to indicate how they would assess the applicant’s good faith certification, and to extend the deadline for repayment. Click to learn more.
Paycheck Protection Program Updates
Additional information and guidance related to the Paycheck Protection Program was recently released. Click to learn more about the additional round of funding allocated for PPP Loans.
Tax and Financial Impact of COVID-19 on NFP Organizations
It’s been six weeks since much of life as we know it changed drastically. Many NFP organizations have been forced to shut down, while others are able to still operate at a lesser capacity. Click above to learn more about the impact of COVID-19.
Recent Guidance for Individuals and Businesses
Over the past few days both the IRS and Small Business Administration released additional guidance to help taxpayers navigate the current COVID-19 crisis. Click for additional information available for both individuals and businesses.
IRS Grants Additional Tax Payment and Filing Relief
On April 9, 2020, the IRS released Notice 2020-23, which is an update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This notice provides additional relief to any relief previously granted.