The IRS just published IRS Notice 2020-51 which details how Required Minimum Distributions flexibility will work for 2020. The link to the notice is here https://www.irs.gov/pub/irs-drop/n-20-51.pdf.  The CARES Act waived the requirement for most RMDs and now the IRS has pr...

There are many ways for a not-for-profit organization to lose its tax-exempt status — including participating in lobbying and campaign activities, receiving excessive unrelated business income and allowing board members to financially benefit from their positions. But the ...

On the first day of the June special session, the MN Legislature passed the Minnesota Small Business Relief Grants Program which was signed by Gov. Tim Walz shortly after. The program sets aside more than $60M in funding to give $10,000 grants to small businesses in Minneso...

Family businesses make up the vast majority of companies in the United States and produce 62% of the country’s gross domestic product, according to the Conway Center for Family Business. Generally defined as companies that are majority owned by a single family with two or ...

The SBA has published a couple of new loan forgiveness applications the long form and the EZ form.  Along with those applications came instructions and it’s there that we will find some new information that is worth discussing....

For Schedule C businesses with no employees you get to use the new Form 3508EZ which is pretty simple.  I would expect that you should be getting 100% forgiveness. ...

The SBA just published a Form 3508EZ which is the PPP Loan Forgiveness Application, in a simpler, easier to use format.  It’s much shorter and it can be used for people in the simpler situations who are probably on track for 100% loan forgiveness....

In times of turmoil, your board of directors should be your not-for-profit’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership requires? Think about rebuilding your nonprofit’s board — and the sooner the better. Fi...

Occupational fraud red flags are easy to recognize if you are observant of employee behavior. The recently released 2020 Association of Certified Fraud Examiner’s (ACFE’s) occupational fraud study, Report to the Nations, reveals that the most common behavioral red flag e...

Good news!  The House and Senate have now passed a bill which is expected to be signed by the President this week.  It makes huge changes to the PPP Loans and will have a huge impact on the PPP Loan Forgiveness.  One highlight is a change from 8 to 24 weeks but there are ...

The latest news on nonprofit fraud is here. Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occ...

One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue streams.  Nonprofits need multiple revenue sources. Many organizations with only one or two found that out the hard way when they failed during the 2008 recession. The same is lik...