Not-for-Profit organizations face many challenges while trying to keep up with financial and tax reporting compliance matters. At LB Carlson, we provide various compliance services to Not-for-Profit organizations and help keep our clients up to date with changes in reporting requirements.
A trusted partner to Not-for-Profit Organizations
Our Not-for-Profit clients offer services such as home and community-based support for persons with disabilities and food and support programs for under-served communities. In addition, we also serve a variety of associations that provide programs and services to their members.
Working with a business advisor like LB Carlson can help your organization make confident, strategic decisions that help you fulfill your mission and change lives in the communities you serve.
How we can help you!
We provide the following services to our Not-for-Profit Clients:
Passionate about your Organization’s Success
LB Carlson is much more than a CPA firm offering traditional services. Our not-for-profit team is highly accessible and committed to providing year-round guidance that helps your organization remain steady in today’s unpredictable environment. Our technical competence, extensive industry expertise, and understanding of how your organization operates allows us to ask the right questions, provide thoughtful recommendations and solutions tailored to your specific needs.
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the full amount plus 1% interest before the maturity date. In addition, some borrowers could face audits.
On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance.
The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known.
The CARES Act allows all employers to defer the deposit and payment of the employer’s share of social security (SS) taxes (6.2%) and self-employed individuals to defer payment of certain self-employment taxes. The timing of the deferral will depend in whether or not the employer receives a loan under the Payroll Protection Program
Many companies have been significantly impacted by the downturn in the economy caused by the COVID-19 fallout. As such, the impact on your operation should be documented to support the need for the PPP loans.
On April 8, 2020, the Financial Accounting Standards Board voted to delay the effective date of ASC 842, Leases, an additional year.
