The Thomas Howell Ferguson Blog

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What Should You Know About the New Revenue Recognition?

The implementation of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is officially here (after a one year optional delay granted by FASB. In addition, there is another revenue recognition standard that will have an impact on not-for-profits specifically. The FASB issued ASU 2018-08, Clarifying the Scope […]

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FAQs by Not-For-Profit Organizations

We sat down with one of our not-for-profit leaders, Allison Harrell, to review some frequently asked questions by not-for-profit organizations. Planning FAQs Question:  What tips or direction can you give organizations on how to better prepare for the future? We are concerned about losing a leader for the short or long term due to COVID.Allison:  […]

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Audit vs. Review vs. Internal Controls Assessment

Does your organization need an audit, review, or internal controls assessment? Because every organization is different, there are different types of assurance services that your company can undergo based on your needs. There are many things that will help determine which services are the right fit for your organization. Your organization’s primary purpose, mission, funding, […]

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What Not-for-Profit Organizations Should Know About the Second Round of the Paycheck Protection Program (PPP)

On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the 2021 Act) was signed into law. It includes additional funding for the Paycheck Protection Plan (PPP) and expands eligibility to certain not-for-profit organizations. The 2021 Act does the following: Provides another $284 billion in funding for the PPP; Allows […]

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Best Practices for 2021 Budgeting for Not-For-Profits

With everything surrounding COVID-19 and this past year, budgeting for 2021 will prove to be a challenge for many not-for-profits. Some not-for-profits had to decrease their services and staffing. Others have redirected their mission to serve their community’s more pressing needs. Many fundraising events were canceled this year in an effort to adhere to social […]

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Modifications to the Main Street Lending Program Expands Eligibility to Not-For-Profits

On Friday, July 24th, the Federal Reserve Board released modifications to the Main Street Lending Program that will provide greater access to credit for not-for-profit organizations.  The Board approved two new loan options to provide support to a broad set of not-for-profit organizations that were in sound financial condition prior to the pandemic.  The Board […]

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FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits Webinar

In case you missed the webinar today on FEMA Reimbursement for COVID-19 Expenses, we have included information below that was discussed.  In the webinar, we also spoke about the CARES Act and the Employee Retention Credit. You can access the FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits presentation at the link below. FEMA Reimbursement […]

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What Costs May Be Reimbursable By FEMA for COVID-19?

What Costs May Be Reimbursable By FEMA for COVID-19? All major disasters can lead to some form of political, social, and economic consequence. Normally these events are confined to a region of the country and regions within the respective states impacted. COVID-19 is not normal and has impacted all sectors of the economy including governments […]

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CARES Act Relief for Not-For-Profit Organizations – Employee Retention Credit

If your organization was not able to receive money through the Paycheck Protection Program, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite experiencing economic hardship related to COVID-19. Like other eligible employers, […]

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What Costs Are Eligible for Loan Forgiveness Through the Payroll Protection Program (PPP)?

Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period.  Payroll costs are considered paid on the day that paychecks are distributed, […]

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Paycheck Protection Program (PPP) – Payroll Costs Q&A

Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs.  Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]

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Senator Marco Rubio Discusses PPP Loan Forgiveness with CPAs

Today, United States Senator Marco Rubio (R-FL) held a town hall on the Paycheck Protection Program (PPP) loan forgiveness process. The town hall was held with the Florida Institute of Certified Public Accounts’ (FICPA) leadership and board.  During the town hall, the Senator discussed specific federal responses to the ongoing COVID-19 pandemic. The topic included details […]

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Private Nonprofits Eligible for FEMA Reimbursement

Are you wondering if your private nonprofit is eligible for FEMA reimbursement?  This chart will help you determine if seeking reimbursement from FEMA may be an option for your organization. Additional information can be found in our COVID-19 Resources Center.  For questions, please email our emergency management team leader Steve Stevens at sstevens@thf-cpa.com. […]

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Private Nonprofit Work Eligible for FEMA Reimbursement

Under the Stafford Act, eligible emergency protective measures taken by private nonprofits to respond to the COVID-19 emergency may be eligible for FEMA reimbursement. In this situation, reimbursement would fall under category B of FEMA’s Public Assistance program. Please remember that this is at the direction or guidance of public health officials. How does FEMA […]

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Do Private Nonprofit Organizations Qualify for FEMA Reimbursement?

During this pandemic, many nonprofit organizations are trying to understand if they qualify to receive reimbursement from FEMA.  Here are a few things to consider if you work for a nonprofit or sit on a board of a nonprofit. What is the criteria to be an eligible private nonprofit for FEMA reimbursement? To be an […]

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Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness

Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible.  Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]

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How Does Gross Income Affect Expenses Forgiven Under the PPP?

How does gross income affect expenses that can be forgiven under the Payroll Protection Program (PPP)? Under the Cares Act, a recipient of a covered loan can receive forgiveness on the loan (covered loan forgiveness) in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning […]

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What is the Status of My Stimulus Check from the IRS?

Are you trying to check the status of your stimulus check from the IRS?  Here is a way that you can check on the status of your Economic Impact Payment. This link will give you information about: Your payment status Your payment type Whether the IRS needs more information from you, including bank account information […]

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CARES Act – Employers Can Claim an Employee Retention Tax Credit

Were you able to receive relief from the small business loans offered through the CARES Act? If the answer is no, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite […]

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Will my business be audited if I take the Paycheck Protection Program (PPP) loan?

Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]

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