Coronavirus Updates

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IRS Issues Crucial New Guidance on Deduction of PPP Expenses

Following up on Notice 2020-32 issued in May 2020, the IRS has released Revenue Ruling 2020-27 & Revenue Procedure 2050-51 to provide guidance to taxpayers in relation to deductions for expenses covered by the Paycheck Protection Program (PPP) loans.

Navigating Effectiveness

During July 2020, Charity Navigator launched the Encompass Rating System. The purpose of Encompass was to provide improved comparability of differently sized nonprofit organizations, and to provide a more comprehensive assessment of the overall effectiveness of nonprofit organizations.

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New York Forward Child Care Incentive

In case you missed it, the Office of Child and Family Services (“OCFS”) has made available $48.6 million in the third installment of the federal CARES funding to support child care programs and the families who need child care services.

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WIRE TRANSFER & DIRECT DEPOSIT SCAMS

The impersonator often disguises him/herself as a CEO or someone from top management. Any email where there is a request to have money wired or to change the bank account for a direct deposit should be handled with extra care and diligence.

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