The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program on Wednesday, April 14, adding $85 million in funds from the CARES Act. Phase 4 will provide grants up to $20,000 to New Jersey small and medium sized businesses and non-profits that have been negatively impacted…

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With the COVID-19 crisis pushing people across the country into financial hardship, it’s natural that some nonprofits want to extend a helping hand to staff members. The good news is that the federal tax code provides a way to make tax-free direct payments to employees in need. This article explains the type of events that…

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The not-for-profit sector, the nation’s third-largest industry, was especially hard hit by the Covid-19 pandemic. Fortunately, the federal government provided financial relief in the form of grants and loans to small businesses, including not-for-profits, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and/or the Coronavirus Response and Relief Supplemental Appropriations Act of 2021…

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group meeting

Accounting for program services and the activities that support them Donors and funders want to know how your nonprofit uses its financial resources — maybe even more than ever during this difficult time. Rules issued by the Financial Accounting Standards Board (FASB) can help you break down spending. Here’s a review of the key rules…

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President Joe Biden signed into law the American Rescue Plan Act (H.R. 1319) on March 11, 2021. Among the act’s many provisions are several tax items including the tax treatment of 2020 unemployment benefits, the phaseout ranges for economic impact payments, and the treatment of student loan debt forgiveness were changed by the Senate. Below…

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AI has made an impact on a wide range of industries, including the nonprofit sector. Although some organizations might find this evolving technology daunting and cost-prohibitive, AI tools can help nonprofits of all sizes cut costs by streamlining operations. They might even be able to leverage AI to better achieve mission-critical objectives. This article defines…

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NEW  New Jersey Retirement Program New Jersey has implemented a new law, effective March 2021, requiring New Jersey businesses (both for-profit and non-profit) with at least 25 employees and which have been up and running for 2 years, to provide a retirement plan for their employees. New Jersey will require business owners to either sponsor a…

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form 1099

The 1099-MISC form has been used in the past to report certain payments, including nonemployee compensation, to the IRS. Beginning with tax year 2020, the Form 1099-MISC has been redesigned due to the creation of Form 1099-NEC. Employers will no longer report nonemployee compensation, such as payments to independent contractors, on Form 1099-MISC, they will…

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