Year-End Accounting and Tax Considerations for Not-for-Profits

Author: Sarah Huang, Andrew Prather

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 accounting
• COVID accounting and financial reporting issues
• FASB 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