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Category: Not-for-Profits

April 11, 2020

IRS Extends Form 990 Series Filing Deadlines Until July 15, 2020

Last Thursday, the IRS announced in Notice 2020-23, Update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, that the filing and payment deadlines for Form 990-series returns originally due between April 1, 2020 and July 15, 2020 will now be due on July 15, 2020. This deadline extension applies to both original and extended filing deadlines. The returns impacted by this extension include: Form 990 Form 990-EZ Form 990-PF Form 990-T Form 990-W Any not-for-profit… Read more ›

April 3, 2020

The CARES Act and Not-for-Profit Organizations – What You Need to Know (And an April 9 Virtual Presentation)

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. Not-for-profits should be aware of certain parts of the CARES Act as it pertains to the impact of COVID-19 on their… Read more ›

April 1, 2020

An Overview of the Small Business Administration Disaster Assistance Loans – As Part of the Paycheck Protection Program of the CARES Act

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. As part of the CARES Act, the federal government has also provided for disaster assistance loans through the Small Business Administration…. Read more ›

March 26, 2020

Maryland Department of Commerce Announces Grant Opportunities for Small Not-for-Profits Impacted by COVID-19

CBM would like to share some news that may be of interest to Maryland-based not-for-profit organizations. Some Maryland not-for-profit organizations are eligible to apply for funds from the newly created COVID-19 Emergency Relief $50M Grant Fund, which provides working capital intended to mitigate the disruptions of the coronavirus (COVID-19) on small not-for-profits and businesses. Grants up to $10,000 and not to exceed 3 months of cash operating expenses may be awarded to Maryland not-for-profits and businesses that have been impacted… Read more ›

January 25, 2020

IRS Guidance Released for Tax-Exempt Organizations to Claim Credit/Refund for Fringe Transportation Benefits Tax

This article provides an update on filing an amended Form 990-T following repeal of unrelated business income tax for fringe transportation benefits. For assistance filing your return, contact CBM Not-for-Profit Practice Director Dan Weaver at 301.986.0600 or by clicking here.  ———————————————————————————————————————————– On January 21, the IRS issued guidance for how not-for-profit organizations can claim a refund or credit for unrelated business income tax related to fringe transportation benefits, for which they became liable under Internal Revenue Code (IRC) Section 512(a)(7)…. Read more ›

November 1, 2019

Dan Weaver and Tony Cuozzo To Present at the GWSCPA Nonprofit Symposium

                      Director of Not-for-Profit Services Daniel L. Weaver and Senior Advisor Anthony Cuozzo are scheduled to present at the 2019 Greater Washington Society of CPAs’ (GWSCPA) Nonprofit Symposium in Washington, DC on Wednesday, December 18 from 9:05 – 9:55 am. The Symposium is an annual two-day event that delivers networking and professional education opportunities for hundreds of financial professionals in the not-for-profit sector throughout the Washington, DC metropolitan region. This… Read more ›

July 25, 2019

CBM Named an Approved Provider of Certified Association Executive Education Credit

Councilor, Buchanan & Mitchell, P.C. has been approved as a professional education-based provider of Certified Association Executive (CAE) credit by the American Society of Association Executives, the nation’s leading organization dedicated to association management for both organizations and individual association professionals. ”Delivering professional CAE credit is a logical extension of CBM’s not-for-profit association services,” said Daniel L. Weaver, CPA, executive vice president and chair of CBM’s not-for-profit practice. “For nearly 100 years, our accountants and advisors have supported the financial… Read more ›

June 21, 2019

CBM Principal Julia Lafferty Elected to Board of Governors of the Greater Washington Society of CPAs

The Greater Washington Society of CPAs has elected Julia Lafferty, Principal at Councilor, Buchanan & Mitchell, P.C. (CBM), to its board of governors. CBM has a long history working with GWSCPA dating back to 1924 when the firm’s founder, James Councilor, served as the society’s first president. GWSCPA, a not-for-profit organization serving the DC-area accounting profession, promotes ethical standards and educational opportunities and support for its members. The Society also acts as a liaison contact with Capitol Hill, state, and… Read more ›

December 20, 2018

DC Office of Tax and Revenue to Require DC-Registered Not-for-Profits to Renew Exempt Status

Not-for-profit organizations that claim tax-exempt status in the District of Columbia will likely receive a notice from the Washington, DC Office of Tax and Revenue (OTR) requesting that they renew their exempt status. Failure to comply with the request could lead to a reclassification of their organization as a taxable entity, effective on the date their current exemption expires. This initiative is scheduled to roll out through 2019 though some CBM clients have already received a notice from the District… Read more ›

December 12, 2018

Treasury Issues Guidance on Parking Provided by Tax-Exempt Organizations and Other Employers

On Monday, December 10, 2018, the U.S. Treasury Department provided additional guidance on how tax-exempt organizations can compute unrelated business taxable income resulting from parking provided to their employees. The guidance is intended to help employers better understand their new tax situation as it pertains to employee parking. Below is CBM’s overview of the new guidance. In most cases, employer-paid commuting and parking is considered a qualified transportation fringe benefit (QTFB). Because of the 2018 Tax Cut and Jobs Act, tax-exempt nonprofits… Read more ›