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.
The Paycheck Protection Program (PPP) has been a source of needed funding for many small businesses. The challenges presented by COVID-19 have resulted in drastically different business conditions that have left many on the brink of collapse.
The Treasury published a list of frequently asked questions (FAQs) to update applicants and borrowers when the program started. It is quite comprehensive, and most do not check it regularly, but there is important information outlined to consider.
