News & Insights

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FAQs on Paycheck Protection Program Released

April 7, 2020

On April 6, the Treasury Department and the Small Business Administration (SBA) issued an FAQ document, which will be updated on a regular basis, to address borrower and lender questions concerning implementation of the Paycheck Protection Program (PPP).

Jay Brower Featured in Forbes Article on Stimulus Loan Guidance

Featured: James (Jay) M. Brower, Jr  |  Apr 6, 2020

Forbes quoted Marks Paneth Tax Partner Jay Brower in a recent article about the launch of the SBA loan program.

In Taxing Times, Tax Deadline Extension is Welcome News

Featured: Steven Eliach  |  Apr 6, 2020

Steven Eliach, Principal-in-Charge of Tax Services, was recently featured in a Long Island Business News article about the IRS tax deadline extension.

When is My 990 Form Due?

April 3, 2020

Does the extension of income tax return deadlines and related payments until July 15, 2020 apply to nonprofit tax filings?

Banks Warn of 'Utter Chaos' in New Small Business Lending Program

Featured: James (Jay) M. Brower, Jr  |  Apr 3, 2020

Jay Brower, state and local tax Partner, was recently featured in an NBC News article on the SBA Paycheck Protection Program.

SBA Paycheck Protection Program: Interim Final Rules Released

April 2, 2020

On April 2, the SBA released interim final guidance on key provisions of the Paycheck Protection Program (PPP).

Paycheck Protection Program: SBA Application and Treasury Information Sheet Released

April 1, 2020

The SBA released a loan application for the Paycheck Protection Program.

New SBA Loan Options: Paycheck Protection Program and Economic Injury Disaster Loans

March 31, 2020

The CARES Act includes changes to SBA lending programs that eligible businesses and non-profits may apply for.

7 Ways CARES Act Financially Supports Nonprofits

By Sibi B. Thomas  |  March 30, 2020

Sibi Thomas, Partner in Marks Paneth’s Nonprofit, Government & Healthcare Group, examines seven ways the $2.2 trillion stimulus bill provides assistance concerning donations and operational revenue for nonprofits.

How Does Your Nonprofit Prioritize During a Crisis?

By Hope Goldstein  |  March 30, 2020

During these unprecedented times, what are the priorities for nonprofit organizations already operating with scarce resources? Hope Goldstein, Co-Partner-in-Charge of the Nonprofit, Government & Healthcare Group, discusses how nonprofits should prioritize.

CARES Act: Individual and Business Relief Provisions

March 27, 2020

We provide a summary of the individual and business relief provisions included in the CARES Act.

IRS Q&A Provides Further Details on Filing and Payment Deadline

March 27, 2020

On March 24, 2020, the IRS issued a Q&A related to Notice 2020-18, which extended the deadline for filing income tax returns and making income tax payments from April 15, 2020 to July 15, 2020 due to the COVID-19 pandemic.

Nonprofit & Government Times, Q1 2020

March 27, 2020

Read the current issue of Nonprofit & Government Times with topics including COVID-19 nonprofit resources, additional revenue sources for nonprofits, educating your board about nonprofit accounting and more.

COVID-19 Nonprofit Resources

March 26, 2020

Our list COVID-19 Nonprofit Resources includes a Business Continuity/Disaster Recovery Preparedness Checklist, as well as information on financial assistance available to nonprofits.

GASB Statements Effective for the Year Ended December 31, 2019

March 26, 2020

By: Philip Marciano, CPA

Senior Manager Philip Marciano examines the Governmental Accounting Standards Board (GASB) statements effective for the year ended December 31, 2019.

Not-for-Profit Raffles: Don't Gamble with Federal and State Requirements

By Magdalena M. Czerniawski |  Robert Lyons  |  March 26, 2020

Partner Magdalena M. Czerniawski and Director Robert Lyons discuss the federal and state filing requirements that not-for-profits engaging in raffle activities should be aware of.

A Guide to Proper Reporting and Valuation of In-Kind Contributions

By Joseph J. Kanjamala  |  March 26, 2020

Partner Joseph J. Kanjamala discusses the requirement for nonprofit organizations to report in-kind contributions on their financial statements.

Footnote Disclosure Overload

By John D'Amico  |  March 26, 2020

The FASB has had several projects over the years to improve the effectiveness of disclosures in footnotes to financial statements, but it seems that these projects have been somewhat forgotten for nonprofits, writes Partner John D’Amico.

Educating Your Board About Nonprofit Accounting

March 26, 2020

By Matthew Castellano, CPA

Educating your Board about nonprofit accounting is a key way to get more brains from different industries and backgrounds all working toward improving the financial viability of your organization, writes Senior Manager Matthew Castellano.

Additional Revenue Sources for Nonprofits

By Magdalena M. Czerniawski  |  March 25, 2020

Partner Magdalena Czerniawski examines how reduced government funding has led nonprofit organizations to look for alternative revenue sources.

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