Prior IRS regulations required most exempt organizations to disclose the names and addresses of contributors who donated more than $5,000 (“substantial contributors”) on the Schedule B addendum to the organization’s IRS Form 990. Under new IRS regulations, only organizations exempt under Internal Revenue Code § 501(c)(3) or § 527 must include names and addresses of substantial contributors on Schedule B.

In the midst of the ongoing COVID-19 pandemic, Catholic schools face quite the task as they look to develop reopening plans for the fall that prioritize not only continuous education but, most importantly, the health and safety of school community members.

Changes to the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) Paycheck Protection Program (“PPP”) were signed into law on June 5, through the Paycheck Protection Program Flexibility Act. The changes make the PPP loan terms and forgiveness program more favorable to borrowers.

COVID-19 and its impacts on daily life have been etched into our minds and may affect us for a long time. Human and social services agencies and nonprofits have stepped up and continue to serve vulnerable communities across the globe. As a nonprofit, in some cases, certain aspects of your operation may have been closed while others became more essential than ever.

The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act raises the amount individuals and corporations can deduct from their adjusted gross income for charitable donations made during 2020. This deduction can be taken by individuals who itemize their deductions on their federal tax return.