Year-End Tax Update for Not-for-Profits (Completed)

Date: Tuesday, December 7, 2021
Instructor: Sarah Huang, Clark Nuber, Kathryn Okimoto
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

2021 continued to be a challenging year for many not-for-profits as they navigated the COVID-19 pandemic. Additional forms of relief options were enacted during the year, many which are available to the not-for-profit community. We will discuss some of the relief measures that are still available as well as the impact those programs have on the annual Form 990. We will also review recent IRS activity during the year and discuss what changes we see ahead for the not-for-profit sector.

Who Should Attend
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.

Topics Covered

  • Updates on new tax law for not-for-profit entities
  • Recap of IRS activity and guidance issued
  • Overview of the Employee Retention Credit to maximize cash flow in a time of uncertainty
  • Navigating the Paycheck Protection Program loan forgiveness process and reporting on the Form 990
  • Donor acknowledgement reminders and updates on charitable giving incentives

Learning Objectives

  • Describe how to optimize tax relief options available to nonprofit organizations
  • Identify how to report the tax relief options on the applicable tax returns
  • Gain awareness of current IRS hot topics and ways to mitigate risk on the Form 990
  • Recognize reminders on annual nonprofit compliance requirements

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of Not-for-profits.

Advance Preparation
None

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