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The Families First Coronavirus Response Act
Nonprofit Tax

What Employers Need to Know about the Families First Coronavirus Response Act by Deanna Rader

On March 18, 2020, the Families First Coronavirus Response Act (the ActÂť) was signed into law, and it goes into effect on April 2, 2020. It is the first relief package approved by Congress and requires certain employers to provide employees with emergency paid sick leave and expanded family and medical leave for specified reasons related to COVID-19.

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March 23, 2020 No Comments
board meetings
Governance

Best Practices for Taking Board Meeting Minutes

Meeting minutes need to record the proceedings in a way that is simple, unambiguous, and accurately reflects the wishes and actions of the Board. A simple rule of thumb is that minutes should contain enough detail to reflect the steps that the Board took and any critical discussions that took place. Well drafted minutes are essential evidence that the directors fulfilled their fiduciary duties. 

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February 17, 2020 No Comments
Fiscal Sponsorship
Starting a nonprofit

The Pros and Cons of Fiscal Sponsorship

Fiscal sponsorship is when a nonprofit organization accepts tax-deductible donations on behalf of another organization that does not have 501(c)(3) status.  Solicitations are made in the name of the fiscal sponsor and therefore permit the sponsored project to rely on the sponsor’s IRS determination letter, solicitation registrations, etc.

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February 10, 2020 No Comments
Parking tax refund
Nonprofit Tax

How to Claim Parking Tax Refunds

On January 21, 2020, the IRS issued guidance detailing how nonprofits can apply for refunds of the repealed “parking tax.” Recall that in December 2017, the Tax Cuts and Jobs Act imposed an unpopular and widely criticized 21% tax on employee transportation benefit expenses incurred by nonprofits. The transportation tax, or “parking tax” as it came to be known, was retroactively repealed in December of 2019. The retroactive nature of the repeal creates an opportunity for nonprofits that paid the tax to seek refunds. 

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January 22, 2020 No Comments
The Families First Coronavirus Response Act (2)
News and Avoiding Scams

What’s New for Nonprofits in 2020

At the close of 2019, Congress passed legislation that has a significant impact on nonprofits. On December 20, 2019, the Further Consolidated Appropriations Act, 2020,Âť also known as H.R. 1865, became law. This act includes two provisions that significantly impact nonprofits:

The simplification of the excise tax on net investment income; and
The retroactive repeal of the unrelated business income tax on qualified transportation fringe benefits.

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January 6, 2020 No Comments
virtual board meeting
Starting a nonprofit

Board Quorums, Non-Profit Strategy, and Technological Innovation

Many non-profit’s use the 51% benchmark for a quorum as a concession that directors will not be able to attend all meetings, but having a majority of board members in attendance for official business ensures a representative cross-section of participation which will not simply reflect the will of a very small clique of directors.  However, organizations that value strong hands-on participation by board members may set a higher quorum requirement to encourage meeting attendance and broader participation. 

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December 16, 2019 No Comments
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