Landing a corporate sponsorship is an accomplishment, especially in today’s economy. If you do succeed in securing a corporate sponsorship, you’ll want to keep unrelated business income tax (UBIT) from cutting into your new income. If you meet the requirements for a qualified sponsorship payment…

When cryptocurrencies first came on the scene, they were widely viewed as a fringe development, but in recent years they’ve moved closer to the mainstream. As more individuals and businesses have begun accepting payment with cryptocurrency, not-for-profits increasingly hear from donors who wish…

Sending thank-yous to your donors doesn’t just make sense in terms of building and maintaining relationships. The IRS mandates that taxpayers substantiate single contributions of $250 or more with contemporaneous written acknowledgments. Here’s what you should include in those acknowledgments.…

As most taxpayers know, charitable contributions can be a good way to help others while reducing your overall tax bill. In 2020, this may be true now more than ever, as organizations rely on cash and other kinds of charitable contributions to address increased needs and a challenging fundraising…

The Loan Forgiveness Application for the Paycheck Protection Program (PPP) is now available on the Small Business Administration (SBA) website. This application, which was released on May 15, 2020, modified and clarified guidance previously issued by statute, interim rules or frequently asked…

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including not-for-…

Since 1975, private schools hoping to maintain their not-for-profit status have been required to publish an annual notice that they do not discriminate on the basis of race, color, or national or ethnic origin. The notice could either be published in a newspaper with broad circulation or aired…

The most recent tax reform legislation has affected almost every taxpayer in every industry, and not-for-profits were no exception. The tax bill, known as the Tax Cuts and Jobs Act, altered a few key laws that exempt organizations have relied on for years. Understanding these changes can help…