The nonprofit world is constantly changing. Make sure you stay up to date on the latest laws that could affect your nonprofit with insights from BKD CPAS & Advisors:
SVOG Funds Still Available; Approval Is Slow Going
The U.S. Small Business Administration’s $16 billion shuttered venue operators grants (SVOG) program got off to a rocky start. Demand overwhelmed the application portal when it opened in April and the portal was shut down for several weeks. Despite initial glitches, funds are now flowing to venues affected by COVID-19.
Read the full article here.
Proposed Federal Tax Law Changes Affecting Private Foundations and Donor-Advised Funds
The IRS has long scrutinized private foundations (PF) and donor-advised funds (DAF). The last major piece of legislation to reform the charitable sector was in 2006 with the Pension Protection Act (PPA). On June 9, 2021, Senators Angus King (I-ME) and Chuck Grassley (R-IA) introduced the Accelerating Charitable Efforts Act (ACE Act), a bill that has a similar goal as the PPA, which codified the current rules governing DAFs. A joint press release by the senators stated that the ACE Act’s purpose is to reform PFs and ensure that DAFs make resources available to “working charities” in a “reasonable period of time.”
Many of the provisions highlighted in the ACE Act were derived from the November 2020 IRS Tax Advisory Council’s recommendations, as well as a new coalition of philanthropists and foundations.
Read more here.
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BKD CPAs & Advisors