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NONPROFIT INDUSTRY NEWS
June 2020
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PPP Loan Forgiveness as of 5/20/202
As businesses who received a Paycheck Protection Program (PPP) loan look forward to maximizing their loan forgiveness, the following resource outlines the steps to take for calculating the amount of the PPP loan eligible for forgiveness. Look over these steps now to prepare for maximum loan forgiveness at the end of the 8-week covered period.
To view this resource,
click here
or for more information or questions please contact Shannon Brewer, CPA, at
sbrewer@hsccpa.com
or Lisa Frank, CPA, at
lfrank@hsccpa.com
.
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IRS Extends Deadline for Exempt Organizations
Notice 2020-23
automatically postpones exempt organization (and disqualified person) filing and payment dates for (original or extended) forms and payments due on or after April 1, 2020, and before July 15, 2020, until July 15, 2020. To view the full article, please
click here
.
For more information, or for any questions, please contact Lacy Bender, CPA, MBA, at
lbender@hsccpa.com
or Michele Graham, CPA, MST, at
mgraham@hsccpa.com
.
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UBTI of private clubs altered by long-awaited guidance
Over the past few months, it seems the world has been turned upside down, and private clubs have not been immune to the turmoil. Across the country, there are empty clubhouses, locker rooms, pro shops and dining facilities. Much of the focus lately has been on loan programs (who qualify and who doesn’t), new credits, and other forms of stimulus that might help clubs retain employees and pull through the COVID-19 pandemic. In the flurry of that activity, the Treasury and IRS released proposed regulations (
REG-106864-18
) under section 512(a)(6), which provide long-awaited guidance on computing unrelated business taxable income (UBTI) that likely will affect most tax-exempt private clubs. To read the full article,
click here
.
For more information, or for any questions, please contact Lacy Bender, CPA, MBA, at
lbender@hsccpa.com
or Michele Graham, CPA, MST, at
mgraham@hsccpa.com
.
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Harding, Shymanski & Company, P.S.C. is a public accounting firm with offices in Evansville, Indiana, and Louisville, Kentucky. We are one of the largest accounting firms in Southern Indiana and Kentucky, providing experienced professionals who look beyond the numbers to the heart of complex issues. Our clients range in size from small proprietorships to billion-dollar corporations, from closely-held and family-owned businesses to publicly traded firms, and span nearly every industry. They all have one thing in common: they count on our expertise to capitalize on their opportunities and make the best of their challenges.
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Evansville Office
21 SE Third Street
Suite 500
Evansville, IN 47708
(812) 464-9161
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Louisville Office
545 S Third Street
Suite 102
Louisville, KY 40202
(502) 584-4142
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Harding, Shymanski & Company, P.S.C
Office locations
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