Here is a look at recent tax developments affecting tax-exempt organizations and their donors.
CARES Act payroll credits
While not aimed specifically at not-for-profit organizations, several changes made by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, and the Families First Coronavirus Response Act (FFCRA), P.L. 116-127, can benefit not-for-profits.
Employee retention payroll tax credit: All organizations exempt from tax under Sec. 501(c) are eligible to claim the employee retention payroll tax credit if they meet the