Articles

Unmasking fraud during an economic downturn

Fraud tends to flourish during periods of prosperity. The reason is simple: When companies experience fast-growing revenues and rising net profits, they may lack a strong incentive to divert resources to preventing and detecting fraud. Fraud schemes can go undetected for months, even years. Furthermore, the sheer volume of legitimate transactions during thriving economic times […]

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IRS takes steps to ensure people with qualifying children receive $500 Economic Impact Payments

The IRS announced it will reopen the registration period for federal beneficiaries who didn’t receive $500 per child Economic Impact Payments earlier this year. The IRS urges certain federal benefit recipients to use the Non-Filers tool Aug. 15 through Sept. 30 to enter information on qualifying children to receive the supplemental $500 payments. Those eligible […]

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Executive Order to Defer Employee’s Portion of Social Security Taxes

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future. […]

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PPP Loan Forgiveness Updates

The U.S. Small Business Administration (SBA) and the US Treasury answered additional questions this week, related to forgiveness of Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL).  An interim final rule was also issued, that deals with the process if borrowers want to appeal certain SBA loan decisions. The new FAQs: Permit […]

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Should your nonprofit accept that new grant?

Current financial pressures mean that your not-for-profit probably can’t afford to pass up offers of support. Yet you need to be careful about blindly accepting grants. Smaller nonprofits that don’t have formal grant evaluation processes are at risk of accepting grants with unmanageable burdens and costs. But large organizations also need to be careful because […]

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