Exempt Org. Resource

http://www.ExemptOrgResource.com

ExemptOrgResource.com is an online resource for information and insight on the unique legal issues impacting nonprofit organizations. The site is designed to keep the nonprofit, tax-exempt organization community up-to-date on legal developments, changing regulations and good practices.

Recent Blog Posts

  • Senate Bill Proposes Dramatic Changes for Donor Advised Funds and Private Foundations On June 9, 2021, United States Senators Angus King (Ind.-MA) and Charles Grassley (R-IA) introduced the “Accelerating Charitable Efforts Act” or the “ACE Act” (the “Act”) which, if adopted, would implement significant changes with respect to the rules surrounding donor advised funds (“DAFs”) and private foundations.  The proposed changes, already being hotly debated in the philanthropic community, would mandate, among other things, operational changes for DAF sponsoring organizations and offer financial incentives (in the form of both excise taxes and... More
  • COVID-19 Employment Law Updates Our colleagues in Patterson Belknap’s Employment Law and Employee Benefits & Executive Compensation practices have published a number of recent alerts on employment law and employee benefits considerations stemming from the Coronavirus pandemic. These updates are linked below for your convenience. New Federal and State Guidance Regarding Vaccinated Employees (May 20, 2021) New York Imposes New Workplace Safety Measures with Passage of the HERO Act (May 7, 2021) The EEOC Has Announced a New Deadline for Employers to Submit Workplace Diversity Data (April... More
  • Paycheck Protection Program Act Update: Consolidated Appropriations Act, 2021 The Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020, includes several updates to the Paycheck Protection Program (the “PPP”) originally established by the Coronavirus Aid, Relief, and Economic Security Act (as modified by the Paycheck Protection Program Flexibility Act of 2020, the “CARES Act”).  The Act appropriates $284,450,000,000 for PPP loans (including second draw PPP loans for prior recipients, as described below), allows for certain prior recipients of PPP loans to apply for... More
  • Paycheck Protection Program Act Updates Since our last update describing changes made to the Paycheck Protection Program (the “PPP”) by the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”), which was signed into law by President Trump on June 5, 2020, the U.S. Small Business Administration (the “SBA”) has published numerous revisions to prior interim final rules (“IFRs”) it had released to govern implementation of the PPP with respect to eligibility requirements, disbursement, loan forgiveness and loan review to conform to the PPPFA and clarify certain... More
  • CARES Act: Paycheck Protection Program Guidance Our colleagues in Patterson Belknap’s Corporate and Tax-Exempt Organizations practices have published a number of recent alerts on the CARES Act's Paycheck Protection Program. These updates are linked below for your convenience. Paycheck Protection Program Act Updates (July 6, 2020) Paycheck Protection Program Flexibility Act and Updates on Foreign Affiliates and Loan Forgiveness (June 8, 2020) CARES Act: Paycheck Protection Program Loan Forgiveness Application Released (May 22, 2020) CARES Act: Paycheck Protection Program Guidance Updated (May 15, 2020) CARES Act: Additional Guidance on the Paycheck... More
  • Proposed 4960 Excise Tax Regulations Issued On June 5, 2020, the Internal Revenue Service (“IRS”) issued proposed regulations on the excise tax on excess tax-exempt organization executive compensation under Section 4960 of the Internal Revenue Code (the “Excise Tax”).  This tax, which was enacted as part of tax reform in 2017, applies to certain tax-exempt organizations (or related organizations) that pay annual remuneration in excess of $1 million or so-called “excess parachute payments” to certain “covered employees” (generally, employees who were among the five highest-compensated employees... More
  • Paycheck Protection Program Flexibility Act and Updates on Foreign Affiliates and Loan Forgiveness The Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) was signed into law by President Trump on June 5, 2020, which provides Paycheck Protection Program (the “PPP”) loan borrowers additional time to incur costs that count towards PPP loan forgiveness, reduces the portion of such costs that must be payroll costs, provides an additional exemption from the CARES Act’s loan forgiveness reduction provisions and extends the deadline to rehire workers in order to remain qualified for full forgiveness. ... More
  • CARES Act: Paycheck Protection Program Guidance Updated The Small Business Administration (the “SBA”), in consultation with the U.S. Department of the Treasury (the “Treasury”), continues to issue guidance on the Paycheck Protection Program (the “PPP”) by updating its Frequently Asked Questions (the “FAQs”) guidance. The updated FAQs as of May 13, 2020 include additional guidance regarding (i) the SBA’s review process of a borrower’s required good-faith certification concerning the necessity of its PPP loan request (the “Necessity Certification”) and (ii) the further extension of the PPP... More
  • COVID-19 Privacy and Data Security Updates Our colleagues in Patterson Belknap’s Privacy and Data Security Law practice have published a number of recent alerts on privacy and cybersecurity law considerations stemming from the Coronavirus pandemic.  These updates are linked below for your convenience. COVID-19 Cyber Risks Continue to Grow (May 12, 2020) Privacy Suits Against Zoom and Houseparty Test the CCPA’s Private Right of Action (April 28, 2020) New York SHIELD Act in Full Effect During COVID-19 Crisis (April 24, 2020) Governmental Organizations Across the Globe Warn of... More
  • CARES Act: Additional Guidance on the Paycheck Protection Program The Small Business Administration (“SBA”), in consultation with the U.S. Department of the Treasury (“Treasury”), continues to issue guidance on the Paycheck Protection Program (“PPP”) by updating its Frequently Asked Questions (the “FAQs”) release. The updated FAQs as of May 6, 2020 included additional guidance regarding (i) SBA review of PPP loans, (ii) impact of past layoffs on loan forgiveness, (iii) non-profit hospital qualification under the CARES ACT, (iv) PPP funds return deadline, and (v) applicant employee size standard. Additionally, on... More