2020 has been quite a unique year for all of us. The COVID-19 pandemic impacted organizations across the world and challenged the normal ways of operating. With the various relief packages during the year, not-for-profit organizations were faced with new accounting and tax challenges. Join us to discuss the latest guidance and key considerations as your organization finalizes its books and records for 2020.
Publication Date: February 2021
Designed For
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.
Topics Covered
- Update on new tax law changes
- Final regulations for unrelated business income siloing
- Expanded deductions to incentivize charitable giving
- Payroll tax credits and deferrals
Paycheck Protection Program loan forgiveness process and accountingCOVID accounting and financial reporting issuesFASB Update for not”for”profit entities
Learning Objectives
- Recognize how to account for Paycheck Protection Program loans, lease concessions, and other unique transactions
- Identify what to disclose in your financials of risks and uncertainties caused by COVID-19 to provide transparency to the reader
- Describe updates on new accounting standards for not-for-profit entities
- Recognize tax law changes to incentivize charitable giving
- Identify the maximum grant allowed under the shuttered venue operators program
- Identify the maximum employee retention credit for 2021
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Sarah Huang
Sarah is a tax principal at Clark Nuber P.S., based in the Seattle metro area. She focuses her practice on tax compliance and consulting for public charities and private foundations. During her time at Clark Nuber, she has provided extensive consulting services to our tax-exempt organizations on matters such as tax law changes, unrelated business income, alternative investments, foreign filing requirements, state tax filings, payroll taxes, organizational structuring, and donor acknowledgement requirements.
Sarah is a contributing writer and editor of the Form 990 Compliance Guide, published by CCH, and has written several articles for various publications, including a five-part series on donor acknowledgement for CCH. She is an associate member of the AICPA Exempt Organization Technical Resources Panel and is a member of the AICPA and Washington Society of CPAs.
Andrew Prather
Andrew Prather is an audit shareholder at Clark Nuber P.S. based in the Seattle metro area. He is a leader in the firm’s Not-for-Profit Services Group and provides a wide range of not-for-profit organizations with audit and consulting services.
Andrew is a current member of the AICPA’s Auditing Standards Board. He recently served as chair of the planning committee for the AICPA’s Not-for-Profit Industry Conference. He previously was a member of the FASB’s Not-for-Profit Advisory Committee, the AICPA’s Not-for-Profit Expert Panel and also served on the AICPA’s Not-for-Profit Entities Audit & Accounting Guide Revision Task Force. Andrew has served as the chair of the Washington Society of CPA’s (WSCPA) Not-for-Profit Committee and co-chair of the WSCPA Not-for-Profit Conference. He is a frequent speaker at conferences, seminars, and webcasts for the AICPA, state CPA societies, and industry groups.
Andrew also serves as his firm’s Quality Control Director overseeing the firm’s audit quality assurance program and serving as a technical resource to the firm’s professional staff.