Nonprofit Accounting

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Nonprofit Accounting for PPP and EIDL Funds

You survived the initial business closures associated with COVID-19 and were lucky enough to obtain Paycheck Protection Program (PPP) and/or Economic Injury Disaster Loan (EIDL) funding.  You may have even muddled through forgiveness applications.  But you still need to figure out how to account for all this in your financial…

September 3, 2020

Travel Reimbursement Policies for Nonprofit and Governmental Agencies

Nonprofit and governmental agencies are challenged with maintaining and managing travel policies and procedures.  Establishing a well-defined travel policy, communicating this policy to employees, and consistently applying this policy across your organization will help to lessen the headaches associated with such transactions.  According to a report by the Association of…

September 3, 2020

What?! Nonprofits pay tax on employee offered parking??

Yes, you read that correctly!  A hidden provision in the 2017 Tax Cuts and Jobs Act makes employer-provided parking nondeductible.  Because nonprofits don’t generally pay tax to begin with, parking is now considered a taxable event that requires filing of Form 990-T and payment of 21% tax.  Here are a…

July 24, 2019