Governor Murphy Signs Various Bills into Law Seeking to Help Business...
Governor Murphy signed a number of bills into law on Tuesday, April 14, 2020 to help mitigate various negative impacts of the COVID-19 pandemic. The selection below illustrates new laws that...
View ArticleCash Flow and Budget Relief for Local Governments and Borrowers in California
As a result of the COVID-19 virus, local governments in California are facing sudden, unexpected, unprecedented, dramatic shortfalls or delays in a number of their core revenue streams, in some cases...
View ArticleEmployer Sponsored Disaster Relief Programs – Four Options to Consider
With the COVID-19 pandemic now a presidentially-declared national emergency—and for this purpose a “qualified disaster”—employers nationwide have several options available for providing employees and...
View ArticleIRS Postpones Due Date for Form 990 Series Returns
The Internal Revenue Service (the “IRS”) recently issued Notice 2020-23 and related guidance which postpones the due date for a wide variety of federal tax returns, forms, schedules and tax payments....
View ArticleCARES Act: Incentivizing charitable contributions
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Pub. L. 116-136....By: Bricker & Eckler LLP
View ArticleCOVID-19 Charitable Contribution Deduction Relief
In general, prior to 2020, one who donated cash or property to charitable organizations could claim a tax deduction only if the donor itemized deductions in determining his or her tax liability....
View ArticleCOVID-19 Loan Options For Businesses and Nonprofits with More than 500 Employees
Some of the COVD-19 pandemic emergency loan programs limit eligibility to businesses and to nonprofits based on their size or other qualifications. Businesses or nonprofits with more than 500 employees...
View ArticleThe CARES Act and the Expansion of Charitable Contribution Deductions for...
The CARES Act, which, notably, provides for coronavirus aid and economic security provisions, has also expanded the deduction for charitable contributions for both individuals and corporate taxpayers...
View ArticleConnecticut Issues Mandatory Safe Workplace Rules for Essential Businesses...
On April 7, 2020, the governor of Connecticut issued Executive Order No. 7V (“EO 7V”) which, among other things, requires every workplace in the state to take additional protective measures to reduce...
View ArticleFEMA Public Assistance Funding Available to Local Governments and Eligible...
The Federal Emergency Management Agency (FEMA) and states are currently accepting applications from local governments and certain nonprofits for reimbursement of costs associated with...
View ArticleWashington and New York Take Emergency Action to Permit Electronic Meetings
In a previous advisory, we set out some of the legal constraints governing electronic meetings of nonprofit boards and members. Many nonprofits remain unable to hold board or membership meetings in...
View ArticleFederal And State Protections For Nonprofits Navigating The COVID-19 Pandemic
The COVID-19 pandemic creates a unique set of circumstances for nonprofits. Many of them are facing similar challenges to for-profit businesses — how to manage employees working remotely, dealing with...
View ArticleReplacing Lost Revenues for Charities: Ways to Consider Charitable Giving...
Nonprofit organizations with traditional reliance on event fundraising are now in a position to solicit donors in an alternate manner because of the COVID-19 pandemic. It is an opportune time to launch...
View ArticlePaycheck Protection Program eligibility issues for healthcare providers
Healthcare providers are encountering a number of issues in determining whether or not they qualify for the SBA Paycheck Protection Program. Some of the issues include the following: Public hospitals -...
View ArticleThe CARES Act: Key Loan and Grant Programs for Nonprofit Organizations (Update)
Certification That Funds Are “Necessary” - Following recent press and new guidance from the Small Business Administration (SBA), many nonprofit organizations are carefully considering whether borrowing...
View ArticleProskauer Pro Bono Assists “The Call to Unite,” a 24-Hour Livestreaming Event...
Proskauer is proud to represent Rockefeller Philanthropy Advisors d/b/a UNITE, a non-profit collaborative started by Special Olympics Chairman Tim Shriver, as pro bono counsel in connection with the...
View ArticleElectronic Form 1023 news, social media reminder and more
Form 1023 Paper Submission Transition Period Expires April 30 - As of January 31, 2020, organizations are required to submit Form 1023, Application for Recognition of Exemption Under Section 501(c)(3)...
View ArticleBorrowing from the Future? Tapping Restricted and Endowment Funds in a Down...
As the effects of COVID-19 on the economy and our societal needs present challenges to nearly every nonprofit organization, some organizations are considering how their endowment and other restricted...
View ArticleIRS Provides Guidance for TEOs With Multiple Trades or Businesses to...
The Internal Revenue Service (IRS) and the US Department of the Treasury released proposed regulations on April 23 that provide guidance for calculating UBTI and make some important changes to the...
View ArticleIRS issues proposed regulations on grouping activities in calculating...
The Internal Revenue Service (“IRS”) issued proposed regulations on April 23, 2020 (the “Proposed Regulations”) that clarify the method for grouping activities in calculating unrelated business taxable...
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