Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

May 5, 2020

Tax Alert: Nonprofit Guidance on Self-Funded Unemployment, Main Street Lending Program and Faxing Amended Refund Claims

Last week, there were a number of pronouncements from various government agencies that impact nonprofits.  The U.S. Department of Labor, the Federal Reserve, and the Internal Revenue Service issued guidance for nonprofit organizations regarding the eligibility or impact of certain provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  Here is a summary …

April 14, 2020

Nonprofit Update: CARES Act Charitable Contribution Changes

On March 27, the president signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion legislative package to combat the coronavirus pandemic brings much needed economic relief to employers, employees and individuals impacted by the COVID-19 virus. This legislation made several changes to charitable contribution limitation rules for individuals and …

April 2, 2020

Nonprofit FAQ: Disaster Relief Payment under Code Section 139

On March 13, 2020, the COVID-19 pandemic was designated as a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. This designation provides the opportunity for employees to exclude certain “qualified disaster relief payments” from their gross income under Section 139 of the federal tax code. Such qualified payments are deductible …

CARES Act Summary for Nonprofits

President Trump recently signed a $2 trillion legislative package to combat the coronavirus pandemic, bringing much needed economic relief to employers and employees impacted by the COVID-19 virus. The House of Representatives overwhelmingly approved the legislation, which was passed by a unanimous vote by the Senate. This third coronavirus relief package, the Coronavirus Aid, Relief, …