Due to the COVID-19 pandemic, some recent changes have been made to the procedures that nonprofit organizations follow to register with their state.  Below is an overview of the changes that affect Pennsylvania and New Jersey charities.

There has been a lot of activity in Congress lately as both the House and Senate search for an amenable agreement on providing additional relief as the COVID-19 pandemic continues. The catalyst was the expiration of extended federal unemployment benefits initiated by the CARES Act. At the same time, Congress also wanted to tackle funding for states, additional school funding, changes to the Paycheck Protection Program, economic stimulus payments, and new business tax incentives

With the spread of the COVID-19 pandemic throughout the United States and around the world, 2020 has been an unprecedented year, leaving many of us wondering about finances and potential tax ramifications.

Service is at the center of any nonprofit organization, and to successfully serve their communities, nonprofits must have (1) staff members who have a deep passion for the mission, and (2) a steady stream of support.

The tax landscape has been in a constant state of flux since the onset of the COVID-19 Pandemic. The combination of restrictive stay at home orders and forced business closures have created immense financial stress on individuals and families.

When the Paycheck Protection Program (PPP) was launched as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act , it was designed to provide immediate financial relief to companies impacted by forced business closures.

This year has been challenging for New Jersey citizens. When state and local authorities issued stay at home orders and forced businesses to close, the economy ground to a halt. COVID-19 profoundly disturbed our financial systems.

The legislative changes we’ve seen so far this year have been record-breaking. The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed in March and made significant changes to tax and employment law for American individuals and businesses.

Businesses continue to figure out new ways to drive revenue, manage expenses, and implement new measures to protect employees from COVID-19. The sudden shift to a business situation which months ago seemed impossible means there has been little time for much else.

According to the Association of Certified Fraud Examiners (ACFE) 2020 Global Study on Occupational Fraud and Abuse, employee corruption was identified as the leading source of fraud amongst nonprofit organizations. It was found that in 74% of the cases, either the Executive Director or Manager was the primary perpetrator of illegal activity.