Watch Baker Tilly’s annual workshop on demand, where you will hear from not-for-profit specialists across the country! While this year’s workshop was virtual, our speakers bring you the same valuable updates and timely insights on trending topics critical to the financial and operational health of your organization as when we met in-person. Who should watch? Executive leadership including CEOs, CFOs, COOs, controllers and other accounting and finance professionals, audit, finance committee and board members of all not-for-profit organizations, including healthcare organizations, educational institutions, foundations, social service agencies, private clubs, religious organizations and more. Video Day 1 Welcome message! | Krista Pankop, Baker Tilly Partner and Firm Not-For-Profit Network Leader  Keys to building an effective board with healthy governance | Glenn Robinson, Baker Tilly Healthcare Consultant, Former Regional President at Baylor Scott & White Health   Accounting update (Presented by Adithi Ramesh, Peter Tewalt, Kathryn LaChance, Brenda Bock, Laura Rash):  Virtual auditing leading practices PPP and other COVID-related funds Accounting standard updates, including leases, affecting not-for-profits
Video Day 2 Welcome message! | Krista Pankop, Baker Tilly Partner and Firm Not-For-Profit Network Leader  Fundraising insights | Rachel Decker, Detroit Philanthropy Founder and President, and Laurie Horvath, Baker Tilly Partner Tax update (Presented by: Shelby Netz, Joua Lo, Catherine Petercsak): Summary of key tax updates impacting tax-exempt organizations The Employee Retention Credit (ERC) The impact of employees working remotely
For more information or to learn how Baker Tilly not-for-profit specialists can help protect and enhance the value of your organization, contact one of our specialists.

Baker Tilly’s Not-for-profit fiscal workshop provides timely insights on effective board governance, fundraising insights, and key tax and accounting updates. 

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Coronavirus Recovery & Growth Resources

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Not-for-profit fiscal workshop 2021

The Paycheck Protection Program (PPP), a centerpiece of the Coronavirus Aid, Relief and Economic Security (CARES) Act, as amended by the Economic Aid Act, and subject to future amendments, has been a primary source of aid to not-for-profit (NFP) organizations throughout the United States. Eligible NFPs could obtain a loan for 2.5 times payroll costs, up to $10 million, without the need for collateral, and could have the loan forgiven if the proceeds were spent on eligible costs.  Understandably, many NFPs rushed to apply as soon as the loan was available, under the approach that even if the loan was not forgiven, the low 1% interest rate would provide a much-needed source of liquidity. Furthermore, many organizations have applied for a second round of funding under the second Paycheck Protection Program (PPP2), as part of the Consolidated Appropriations Act (CAA). For purposes of this blog post concerning double dipping, PPP and PPP2 will be considered one and the same. Since the release of the original PPP guidance, NFPs with other sources of funding are learning best practices to ensure they are not including costs already paid with other federal funds on their PPP forgiveness application. Requesting reimbursement for the same cost from two different funding sources is fondly referred to as “double dipping.” We break down some key considerations around double dipping related to federal, state, local and private funding. Federal funding In Memorandum M 20-26, the Office of Management and Budget (OMB) makes clear its position that the federal government prohibits an organization from being reimbursed twice for the same expense. The Department of Defense released an FAQ providing guidance echoing the memo. Funds that may be subject to double-dipping restrictions include the following: Cost reimbursement grants Fee for service or fixed rate with an expenditure true-up equating to a cost-reimbursement grant Medicaid funding received in the form of a grant (funding is not tied to a specific individual with a contract to provide services) Federal flow-through grants from the three categories above State or local awards with similar guidance in effect  Medicare and Medicaid payments received as a provider would not be considered a federal award.  According to Federal Acquisition Regulation (FAR) 31.201-5, the applicable portion of any income, rebate, allowance or other credit relating to any allowable cost and received by a contractor shall be credited to the government. NFPs that obtain PPP forgiveness will likely see costs normally included in their indirect cost rate (ICR) as allowable costs reduced by any amount forgiven. The impact on future ICR negotiations could be substantial. Lastly, readers should note that the recently passed CAA amended previous regulations that prevented entities from claiming both forgiveness on PPP loans and the Employee Retention Credit (ERC). While entities may now obtain both sources of funding, entities may not apply PPP and ERC funding to the same costs. State, local and private funding Guidance from state and local agencies is highly variable, and they may elect to apply different rules than federal agencies. Interpretations of state and local guidance is likely to be even more inconsistent. NFPs may find more flexibility with private grantors, but early communication with all funding sources is of the utmost importance. The lack of consistency highlights the need for NFPs to closely track all grant costs, regardless of whether they are treated as contract revenues or restricted contributions for accounting purposes, as well as those charged to PPP. PPP forgiveness application In practice, there is a belief that NFPs can be flexible with the costs chosen to allocate to PPP proceeds.  NFPs should carefully apply PPP proceeds to costs that are not funded by other grants, contracts and contributions. In addition, NFPs should keep internal records of which costs are being applied to PPP forgiveness, federal, state, local and private grants and contracts. We recommend keeping cost records by funding source at least until the end of the Small Business Administration audit eligibility period. For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

In this NFP Online Journal blog post, we break down some key considerations around the Paycheck Protection Program (PPP) and double dipping related to federal, state, local and private funding.

Paycheck Protection Program (PPP) Solutions

Employee retention credit (ERC) solutions

Not-for-profit coronavirus resources

PPP double dipping: an overview

A Baker Tilly blog providing timely, actionable guidance on key topics to not-for-profit (NFP) leaders and board members.   Welcome to the NFP Online Journal. Our dedicated advisors are tuned into the industry and understand your priorities. Through this blog, we will keep you up-to-date on emerging issues and trending topics, and share reliable solutions and resources so that you can focus on what matters most – your mission. We have only one agenda: Yours.

Welcome to the NFP Online Journal, a Baker Tilly blog providing timely, actionable guidance on key topics to not-for-profit (NFP) leaders and board members.

NFP Online Journal

Video The employee retention credit (ERC) is a fully refundable payroll tax credit made available by the Coronavirus Aid, Relief and Economic Security (CARES) Act to employers, including not-for-profits (NFPs). Earlier in March, Baker Tilly hosted a webinar discussing changes to the ERC. If you missed it, watch the on-demand recording. Now, listen to Baker Tilly’s NFP specialists as they highlight unique considerations for NFPs and what it could mean for your organization. They discuss: The Consolidated Appropriations Act (CAA) changes and how they may impact your organization Eligibility requirements including employee counts and qualifying wages Deadlines and next steps This recording does not replace the detail or expertise included in the earlier webinar, but rather highlights key considerations unique to the NFP industry.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

This on-demand webinar discusses the employee retention credit (ERC) and considerations unique to the not-for-profit (NFP) industry.

Coronavirus recovery and growth resources

Employee retention credit updates for not-for-profits

Employer payroll tax credits, loans, and other Consolidated Appropriations Act incentives There are numerous relief programs available to lessen the burden of employee expenses and help businesses survive. The Consolidated Appropriations Act, 2021 (“CAA”), funds the government for the next fiscal year and consists of several bills that together mark the fourth economic stimulus package designed to help taxpayers continue to weather coronavirus-related closures. The CAA extends and enhances many relief provisions that were included in the Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief, and Economic Security (CARES) Act. Each business must determine which relief programs will have the most positive impact on their business, while also ensuring the benefits they choose can work together. Baker Tilly’s coronavirus benefit coordination matrix not only explains who can use each benefit but also how each benefit coordinates with others. 
A preview of the matrix is shown below, highlighting the Paycheck Protection Program: 
Download the matrix to learn more about which benefits may help your business during this challenging time, such as: PPP – second draw loans Employee retention credit – 2021 version Emergency Paid Sick Leave credit Emergency Paid Family and Medical Leave credit  Work Opportunity Tax Credit  Shuttered Venue Operators grant Restaurant Revitalization Fund grant Emergency Economic Injury Disaster Loan R&D credit payroll tax offset

Understand Coronavirus benefit and relief programs, who is eligible and how the benefits coordinate with other programs.

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Coronavirus benefit coordination matrix

Authored by Sarah Leopold In the spring of 2020 as the COVID-19 pandemic began to lockdown the nation, many organizations found themselves with a remote workforce because of stay-at-home or shelter-in-place orders. At the time, many thought organizations would slowly phase their employees back to public workspaces. Yet, nearly one year later many are still remote, some working in new locations. As 2020 payroll reports wrap up and a new year begins, organizations question how to address payroll reporting and state compliance for employees now working in other states.  Are we reporting employee wage withholding and/or unemployment earnings to the correct state? What is the correct way to report wages when you have employees that may not return to the office regularly or at all once the pandemic is over? What about employees that, upon realizing they could work entirely remotely, have permanently moved to new states? At the onset of the pandemic, several states made exceptions to normal withholding requirements for teleworking employees due to the declared State of Emergency orders; however, there have been little to no updates to those original announcements.    It is important to distinguish that while employee wage withholding may be required for an employee for more than one state based on where they are working, unemployment is generally reported to one state. Employee wage withholding is based on where the wages are actually earned by the employee for their services performed. If an employee splits their time between two states for work, you most likely need to allocate the wages earned and withhold for both states accordingly.   States vary significantly on when withholding becomes required for a nonresident employee. In some states, withholding is required on the first date that an employee performs services in that state. Other states have thresholds based on earnings paid or number of days worked in that given state. Employers with employees who are working remotely in neighboring states should understand if there is a reciprocal agreement between those two states. A reciprocal agreement allows an employer to only withhold wages for an employee’s state of residence even if they are receiving wages for services performed in the other state. In order to take advantage of this agreement, proper documentation must be obtained from the employee and maintained by the employer. If an employee works remotely in another state due to the pandemic and will fully return to work once the state-of-emergency order ends, the state in which the employee normally works and the state they presently work in should be reviewed to determine if existing exceptions are available.   Reporting unemployment compensation to the state which the employee’s services are localized is required. States follow “localization of work” provisions that were established by the U.S. Department of Labor in order to avoid duplicate coverage or no coverage when an employee works for an employer in more than one state. Generally, services are localized within a state when services are performed entirely within the state or when the services performed outside of the state are incidental to the services performed within the state. If the services are not localized in one particular state, then a hierarchy is used to determine where the employee’s base of operations is located.   Consideration must also be given to employees that will transition to teleworking permanently or that have relocated during the pandemic, as those work arrangements are no longer temporary, and will most likely require a change in reporting. Not-for-profit organizations are often allowed an election to be a reimbursing employer rather than a contributing employer, so the organization should ensure registration is completed in the appropriate states and the election is made, if desired.   Last, but certainly not least, having an employee working remotely in another state can create additional compliance requirements for the organization that it may not have prior. Remote employees can create income tax, sales and use tax, gross receipts, local occupational taxes, various excise taxes or local license filing requirements. It is critical to consider all compliance implications, in addition to payroll, when evaluating employees in new states or jurisdictions.   For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

Employers must understand how to address payroll reporting and state compliance for employees who are now working in different states as a result of COVID-19.

State & Local Tax

State and local tax coronavirus resources

How is payroll affected by employees working remotely?

Video Through the passage of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, additional Paycheck Protection Program (PPP2) loans will be available to qualifying organizations. In this on-demand webinar, Baker Tilly not-for-profit (NFP) specialists discuss aspects of the bill and PPP2 funding specifically relevant to NFP organizations. They also highlight what your organization should consider before deciding to apply and leading practices. This webinar does not replace the detail or expertise included in the earlier webinar that overviewed the eligibility requirements, PPP2 is here. What does that mean for you?, but rather discuss key considerations unique to the NFP industry as you prepare for round two.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

NFP specialists highlight aspects of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and PPP2 funding specifically relevant to NFPs.

What does PPP2 mean for your not-for-profit organization?

Our client’s need A not-for-profit (NFP) organization required assistance reviewing and updating an out-of-date business continuity plan (BCP) and disaster recovery plan (DRP) document. The goal was to validate the document that would support continuous operations of business functions and the supporting IT systems in the event of a business interruption. Baker Tilly solution Baker Tilly worked with organizational stakeholders representing different business functions to systematically review each section of the document to: confirm currency of the information, update information as needed, and validate the information was still applicable to continuity of operations. For sections identified with gaps or requiring wholesale changes, Baker Tilly drafted the initial updates and shared them with management for review and approval. Baker Tilly also created an initial business impact analysis (BIA) based on the document updates. Finally, Baker Tilly led the stakeholders through a facilitated BIA working session to update and confirm the potential impact of various interruptions, and then establish recovery point and time objectives. Results achieved The organization gained clarity on business function needs relative to the systems and recovery objectives with the BIA. This allowed the organization to make targeted investments in a few technologies that enabled the organization to maintain continuity of certain functions without a large investment. Secondly, the updated BCP and DRP document was shared with all key stakeholders to build awareness of the continuity plans. Finally, the results highlighted the need to accelerate moving legacy on-premises systems to vendor-hosted/cloud solutions in order to further improve continuity of operations. For more information on this topic or to learn how Baker Tilly specialists can help, contact our team.

The NFP’s out-of-date business continuity plan (BCP) and disaster recovery plan (DRP) were reviewed, providing clarity on business function needs, leading to targeted investments in technology.

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Not-for-profit gains validated business continuity and disaster recovery plans to support continuous operations

Video Through the passage of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, additional Paycheck Protection Program loans will be available to qualifying organizations. View our on-demand webinar for an overview of the eligibility requirements as well as our PPP loan specialists’ insights on what you should be doing to prepare for a first time or second draw loan application. Additionally, Baker Tilly is working with CPA.com and the AICPA on an automated PPP loan application tool. This SOC-secured platform can expedite loan processing. The presenters will also provide participants with information about this tool and recommendations for your next steps regardless of your lender choice.
View additional resources: Paycheck Protection Program (PPP) solutions Small and family business coronavirus resources

View our on-demand webinar for an overview of the eligibility requirements as well as our PPP loan specialists’ insights on what you should be doing to prepare for a first time or second draw loan application.

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SBA loan administration staffing augmentation

Construction coronavirus resources

Higher education institution coronavirus resources

Manufacturing and distribution coronavirus resources

Real estate coronavirus resources

Small and family business coronavirus resources

State and local government coronavirus resources

PPP2 is here. What does that mean for you?

Whether you like it or not, given the current environment the virtual audit appears here to stay. The pandemic made it necessary to conduct almost all audits remotely, but technology and client demands have been leading in this direction for years. Now clients and auditors are working together to discover a balance of on-site collaboration and virtual efficiency.   During our recent webinar, “Auditing in a remote environment: lessons learned and looking forward,” Baker Tilly audit partners Dan Buttke and Laurie Horvath hosted a roundtable of clients: Heather Acker, CFO, Gentex Corp.; Chris Kenney, CAO, Hallmark Financial Services; and Jeff Lev, CFO and COO, Jewish Family Service. They discussed the virtual audit process, likes and dislikes of working in a remote environment, and pandemic-related changes that will sustain this unique time. Historical audit and pandemic problems The audit process can be broken down into four primary phases: planning, interim, fieldwork and reporting. Planning and other more administrative tasks may be in person, but are more typically done via phone calls, web discussion or emails with the client. For the interim phase, auditors may spend some time on-site, but would traditionally plan to be on site for a large portion of time during final fieldwork. Reporting is usually happening alongside the fieldwork phase, but final reports are often processed and completed once the audit team has left the client site.   What may not be evident, though, is parts of that traditional audit process had already started to become virtual. Like most aspects of life, more and more information is being shared electronically, whether through email or secure portals, like Huddle, which Baker Tilly uses with clients for sharing or requesting data. In fact, even when auditors are on-site, some client staff may be out of the office and need to be reached virtually or prefer electronic updates or questions.   This is not to take away from the importance of being on-site with a client or completing certain sections of an audit face to face. That interaction between an auditor and the client builds trust and instills confidence. Nothing can replace that part of the audit process, but the pandemic forced auditors to figure out how to do that another way. When Baker Tilly auditors had to pivot from the historical audit process model at the onset of the pandemic, they knew the first thing they had to change was the timeline. Because of when the pandemic-related shutdowns started, some fiscal-year clients either had to have their on-site fieldwork cut short or eliminated altogether, Dan Buttke, audit partner, said. Since auditors had to adjust how they were going to do that rather important phase remotely, they had to push back their timelines, not knowing when they were going to get certain information or how they would be able to meet with audit committees or boards to close out the audits. Early on, they realized how much they had taken certain audit “basics” for granted, especially how they were going to get certain information from clients. In pre-pandemic times, when auditors needed something from clients, they could request it through Huddle where the client could upload it immediately. When the lockdowns started, there were some situations where not everyone had a laptop or, if they did, the organization did not have a virtual private network (VPN) set up, so they weren’t able to access certain documents from the office server, or they needed an invoice that wasn’t even saved to the network but was physically in a filing cabinet in a building that no one was allowed in. For Buttke, he said he struggled with getting signatures on representation letters since no one was together and some people didn’t have the means to scan theirs and send it to him. On top of that, everyone has different life circumstances, including possibly having ill family members, caring for small children or running virtual classes for school-aged children. Everyone’s internet capabilities are constantly being stretched to the limit, regardless of who you are or where you live. And even though the commute may have been shortened, all of those other things that are happening are distractions that are creating inefficiencies and affecting production.  Communication and adaptability Not surprisingly, Buttke said what his team learned from working remotely for the last nine months was how much the success of the audit depended on not only communication, but also the willingness and ability to adapt to the situation at hand.  They realized that to execute the audit effectively and efficiently, they had to be intentional in all aspects of the process, he said. Having regular touchpoints with their clients was not new, but they needed to be smarter about when they were doing them, with whom and about what. He encouraged them to be intentional in how they were interacting with their other team members as well as their clients, being more cognizant of the differences in schedules since no one was operating on the same timetable. Clients understood that, too. Kenney said he and his team tried to conduct Zoom meetings when they could with their auditors, but he also asked his team members to treat the auditors like they were on-site, encouraging them to be as available as possible to the auditors. “It’s a lot easier to respond immediately to them, pick up the phone and call them, share your screen,” Kenney said. “It flows better if you try to be responsive on a daily basis and not let questions get stale.”  Keeping those engagement “norms” and having regular status meetings are aspects that could be overlooked in the virtual audit, but they shouldn’t. Acker said her team started having weekly meetings with her auditors about two years ago and continued them throughout the pandemic. She and her team have a regular punchlist they go through with their auditors to make sure everyone is on the same page with what is outstanding.  Similarly, Lev said operating in a remote environment reaffirmed the importance of having regular touchpoints with the audit team. The more the audit team understands what is happening in the organization 365 days a year, the less labor intensive the interim fieldwork and final fieldwork seems to be.  “The more often you are speaking to your audit team, the smoother the audit is,” Lev said, adding, “and, for me, that just was hit home during this year.” What to expect with a virtual audit While the four phases of the audit process are the same — planning, interim, fieldwork and reporting — they are just executed differently.  For clients that have gone through the audit process at least once with Baker Tilly, the planning discussion is a fairly straightforward conversation about year-to-date results. Occasionally, the organization is going through an acquisition, launching a product, maybe closing a plant or something else requiring a more robust discussion. This year’s planning will be different because nearly every organization has been affected by the pandemic in some way, good or bad. Buttke said no one should be glossing over year-to-date updates this year. He stressed intentionality again here, with a real focus on collaborating with the client to work through any potential challenges. The interim is often considered the uncomplicated portion of the audit process, but since auditors can’t physically do a walk-through or look over someone’s shoulder as they walk through a process, they have to adapt. In addition to Zoom calls, clients and auditors are using screen sharing to do their walk-throughs. Buttke said clients should anticipate pre- and post-COVID-19 walk-throughs and internal control testing. For now, though, interim is the time to identify other issues that may create risk, including potential impairment and management estimates. Interim discussions will make the actual fieldwork process more efficient. Elements of fieldwork will be different this year. The timing and extent of testing may vary. In some cases, an organization may create a different risk profile from the auditor’s perspective. Having a lower materiality is a real possibility, which could mean a change in fieldwork and create additional testing or a different kind of testing. Buttke said changes should be discussed early on to make sure the team is deliberate in how they are thinking through these things and addressing them prior to final fieldwork. The wrap-up process will go through the same exercise, but there will be different things to consider, including materiality and how that could change potential audit adjustments, or internal controls and what may result in deficiencies. Buttke said it is really nothing they haven’t discussed before, but the concept of being intentional in all aspects of this year’s audit will be critical.  Lessons learned that will improve the audit process As previously mentioned, something that seems so simple now is something that the auditors and their clients did not regularly do before: Share their screens.  “I remember years where we’re on the phone and talking about cell C7 and divide it by cell J9,” Lev said. “Being able to screen share actually made that much more efficient and effective and productive. There’s nothing novel or original about what I’m saying, but just trying to look for the positives of being required to do this remotely helped set the right context for us.” He also said the silver lining of the pandemic is it accelerated his organization’s efforts to modernize its back-office operations, with the hope in six months’ time, it will be paperless.  For Kenney, a few positive developments that came out of having a pandemic audit that he will continue are using Huddle to share documents and having weekly meetings with his audit team. He also said communication improved dramatically between the audit team and his team because they have spent more time talking with each other over the phone than sending emails, which is a practice he’d like to continue. In pre-pandemic times, Acker said auditors would have been on-site to ask intermittent questions; the virtual environment forced them to have batch issues and prioritizations for their weekly meetings, which allowed them “to attack them with the right degree of importance.” Still, she sees a downside in this virtual world: transparency. Acker said when you are across the table from someone, you can read their body language and gauge the situation, which you can’t always do virtually, even with Zoom. She recommends clear communication to avoid possible misunderstandings. For more information on auditing in a remote environment, or to learn how Baker Tilly specialists can help,  contact our team.

This on-demand webinar discusses virtual auditing leading practices, safety protocols and how to work in partnership with your engagement team for the most effective and efficient audit.

Assurance

Financial Statement Audit

Public Company Audit

Embracing the virtual audit

Authored by Paul Dillon, Michelle Hobbs and Michael Wronsky On Aug. 8, 2020, the president declared a payroll tax holiday via a presidential memorandum. The memorandum directs the Department of Treasury (Treasury) to exercise its authority to temporarily suspend the withholding, deposit and payment of some employees’ share of the payroll tax. The suspension is effective for taxes due on wages paid between Sept. 1, 2020, and Dec. 31, 2020.  Critical details surrounding the holiday remain outstanding, and guidance from Treasury is needed. However, in the interim, this tax alert highlights the minimal information available and the significant questions and issues that must be addressed.  This payroll tax holiday is essentially a loan that will need to be repaid (likely through additional withholdings from employee paychecks in 2021), unless Congress acts. It is not a full relief of the payroll tax as was enacted in 2009 following the financial crisis. To date, neither chamber of Congress seems inclined to enact similar legislation. Accordingly, we strongly recommend against acting to utilize this deferral in the absence of guidance and clarification from Treasury.  Key takeaways Employer participation is optional. Treasury Secretary Steven Mnuchin informally remarked on Aug. 12 that employers would not be required to suspend withholding from employee salaries and can continue to withhold and remit payroll taxes as usual. It is unclear whether employers will have the authority to allow individual employees to opt in or out of any payroll tax holiday. Not all employees qualify. The memorandum provides the deferral for employees whose wages or compensation “payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis,” which equates to a $104,000 annual pre-tax salary. Employers must continue to withhold for employees earning above this threshold.  The taxes are still owed. The memorandum strictly defers payment; the payroll taxes must be paid after Jan. 1, 2021. This could create hardships for employers in ensuring they can sufficiently withhold in the next year. Further, repayment of four months’ worth of deferred taxes could create significant economic hardships for lower-income taxpayers, materially reducing or eliminating paychecks likely beginning in January (depending on the employee’s compensation level and amount deferred). Outright forgiveness of these liabilities would require action by Congress, but a payroll tax holiday has been spurned by lawmakers on both sides of the aisle during recent economic stimulus negotiations. Program creates potential compliance issues. It is unclear whether an employer would still be responsible for remitting an employee’s deferred taxes in the event the employee leaves employment before they become due. Further, if that employee takes a new job, their new employer may not have the necessary documentation or information to determine whether the employee is still eligible for deferral.  Memorandum constitutionality is questionable. It does not appear that the president has the authority under Article I, Section 8 of the Constitution to defer, implement or set tax rates. In addition, existing IRS regulations appear to prohibit any deferral of payroll taxes, which may preclude Treasury from unilaterally allowing a payroll tax holiday.  We anticipate Treasury will release guidance on the presidential memorandum prior to or shortly after the Sept. 1, 2020, effective date. In the meantime, expect this to be an evolving issue and look for additional updates from Baker Tilly as warranted. Please contact your Baker Tilly tax advisor with questions on how the above affects your tax situation. 
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

A presidential memorandum declaring a payroll tax holiday is raising many questions, including if it’s even constitutional, but if it is, employers could stop withholding employee payroll taxes starting Sept. 1, 2020. 

Coronavirus Resource Center

Federal tax coronavirus resources

President’s payroll tax holiday generates questions

Authored by Timothy Kosiek and Christopher DeMarco The small business owner's guide to the CARES Act For borrowers with a straightforward PPP loan compliance environment, we have developed a self-service, Excel-based loan forgiveness calculator. But if your situation is more complex, or you have limited staffing available to support the loan requirements, we can provide an automated approach to forecasting eligible spend, monitoring specific payroll exceptions, and managing compliance with final documentation requirements.
Business owners have been strongly affected by COVID-19 and are left with many questions. The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress are intended to assist them in overcoming the current challenges. Baker Tilly developed the below FAQs to guide business owners as well as certain not-for-profits and other employers during this uncertain time.  NOTICE: Baker Tilly is providing updated information as it becomes available. Due to the nature of the emerging and rapidly evolving information from government and non-government relief programs, some requirements and offerings may change before they are listed here. Please consult with your loan officer for the most current details. Paycheck Protection Program (PPP) loans The program provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans are forgiven up to the full principal amount of qualifying loans guaranteed under the PPP, which would help your workers remain employed, as well as help your small businesses and our economy to snap back quicker after the crisis.  PPP has a host of attractive features, such as forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between Feb. 15, 2020, and June 30, 2020. This program would be retroactive to Feb. 15, 2020, to help bring workers who may have already been laid off back onto payrolls.  View the PPP application Expand the section(s) below to view the FAQ.
Baker Tilly COVID-19 support During this uncertain time, Baker Tilly is ready to help you with practical advice on informing and supporting your employees as well as keeping your business running. 
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

Coronavirus Aid, Relief, and Economic Security Act – Baker Tilly specialists answer all your questions.

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Paycheck Protection Program (PPP) FAQ

Authored by Laura Rash Through the passing of various legislative actions, billions in federal funds have been provided to individuals, schools, businesses, healthcare entities, state and local governments and not-for-profit organizations. More than 20 new federal programs were created to provide funding relating to the pandemic and hundreds of federal programs were expanded to provide additional grant-related funding to address the impacts of COVID-19. It is imperative that organizations identify all federal funding received relating to COVID-19. Once all funding is identified, management needs to investigate the funds to determine if they are subject to the Uniform Guidance requirements. Although non-authoritative, the Government Audit Quality Center (GAQC) of the American Institute of Certified Public Accountants (AICPA) is compiling a “real-time” summary of all federal funding sources. The summary includes a description of the funds by federal agency, an indication if they are subject to the Uniform Guidance and links to various supporting documentation surrounding each funding source. This is a valuable and free resource for organizations to utilize when summarizing funds and determining their applicability to the Uniform Guidance. Any amounts subject to the Uniform Guidance are required to be reported separately on the Schedule of Expenditures of Federal Awards (SEFA) to clearly indicate they are funds relating to COVID-19 (for example, on a separate row by CFDA number with “COVID-19” reference). Confusion surrounding compliance requirements In many situations, COVID-19 funding was disbursed without clear directive of the requirements associated with the funding. In addition, the annual release of the federal compliance supplement has been delayed, leaving additional confusion surrounding compliance requirements. The delay has left many organizations scrambling to identify and understand the requirements for the use of the federal awards. The 2020 federal compliance supplement (which is applicable for fiscal year-ends June 30, 2020 and beyond) is expected to be released on Aug. 17, 2020, and should shed some light on the compliance requirements for COVID-19 funding. However, the Office of Management and Budget (OMB) has communicated that an addendum will be released sometime in the fall that covers specific compliance requirements related to COVID-19. Unless a waiver is provided by the federal agency, organizations will be expected to be in compliance with the requirements outlined in the 2020 federal compliance supplement addendum relating to COVID-19 funding. The timing of the release of the federal compliance supplement addendum could also lead to delays in the ability for organizations to finalize their Uniform Guidance audit. What should organizations do now? Due to the significant delays at the federal level, organizations are encouraged to:  Review the documentation provided by federal sources for the COVID-19 award amounts received Review the information that is available through the GAQC by federal funding source to fully understand the award and known requirements  Consider reaching out to the federal funding agency directly, where appropriate, to obtain any additional clarification necessary to ensure compliance with federal requirements related to COVID-19 funding For more information on this topic, or to learn how Baker Tilly not-for-profit specialists can help, contact our team.

Organizations that received federal funding relating to COVID-19 need determine if they are subject to the Uniform Guidance requirements.

Single Audits & Federal Awards Compliance Audits

Impact of COVID-19 funding on single audits

Authored by Larry Mohr and Shelby Netz Title IV of the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted on March 27, 2020, included a subtitle provision called the Coronavirus Economic Stabilization Act of 2020, which provides additional emergency relief to certain businesses that may not have been eligible for other funding under the CARES Act.  Shortly thereafter, the Federal Reserve announced the establishment of the Main Street Lending Program (the Program) to help facilitate roughly $600 billion in financing to small and midsize businesses in relation to Title IV. The Federal Reserve subsequently released term sheets about the programs, which defined criteria and restrictions for eligible lenders and eligible borrowers.  At the time, an eligible borrower did not include not-for-profit (NFP) organizations. On June 15, 2020, the Federal Reserve Board released a proposal to expand the Program to provide credit to small and midsize eligible NFP organizations. The week-long comment period provide feedback on the proposed loan terms and conditions Finally on July 17, 2020, the Federal Reserve modified the Program to include not-for-profit organizations exempt under sections 501(c)(3) and 501(c)(19) to provide these organizations with greater access to credit.  Baker Tilly’s specialists compiled a list of frequently asked questions to help guide you through the provisions for NFP organizations to determine potential eligibility for your organization. What are the available programs under the proposed Program for NFP organizations? The Program’s NFP loans will be made available under two facilities: the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF). The NONLF will allow eligible lenders to originate loans for eligible NFP organizations, and the NOELF will allow for additional credit on loans previously entered into by eligible NFP organizations via an upsized tranche. Eligible NFP organizations should have been in “sound financial condition before the coronavirus pandemic.” What type of NFP organizations would be eligible for the Program? Only NFP organizations described in sections 501(c)(3) and 501(c)(19) of the Internal Revenue Code are considered eligible organizations under the Program. The Federal Reserve may open up the Program to other types of NFP organizations at a later date.  When is the Program expected to be available for NFP organizations? Forms and agreements have now been modified to reflect the expansion of the Program to not-for-profit organizations, but the Program is still not accepting the submission of loans under either not-for-profit program. We will stay on top of updates and feature another alert once these forms and agreements are revised and are available.   If I applied for or received a loan under the Paycheck Protection Program (PPP), can I apply for a loan through the Program? Yes. NFP organizations that received PPP loans are permitted to borrow under the Program, provided they meet the eligible borrower criteria as outlined below.  Is the loan eligible for debt forgiveness? At this point, any loan under the Program will not be eligible for partial or full forgiveness.  What are the features of an eligible loan under the Program?  What criteria does an eligible borrower NFP organization need to meet? An eligible borrower is an NFP organization that:  has been in continuous operation since, Jan. 1, 2015;  Is not an Ineligible Business as listed in 13 CFR 120.110(b)-(j) and (m)-(s), as modified by regulations implementing the PPP (see next FAQ for a more defined description); meets at least one of the following two conditions: (i) has 15,000 employees or fewer, or (ii) had 2019 annual revenues of $5 billion or less;  has at least 10 employees;  has an endowment of less than $3 billion;  has total non-donation revenues (gross revenues minus donations) equal to or greater than 60% of expenses(4) for the period from 2017 through 2019(5) has a ratio of adjusted 2019 earnings before interest, depreciation, and amortization (EBIDA) to unrestricted 2019 operating revenue,(6) greater than or equal to 2%;  has a ratio (expressed as a number of days) of (i) liquid assets(7) at the time of loan origination or origination of the upsized tranche to (ii) average daily expenses over the previous year, equal to or greater than 60 days; at the time of loan origination or origination of the upsized tranche, has a ratio of (i) unrestricted cash and investments to (ii) existing outstanding and undrawn available debt, plus the amount of any loan under the applicable Facility, plus the amount of any Center for Medicare & Medicaid Services accelerated and Advance Payments, that is greater than 55%; is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States; does not also participate in any of the other facilities available under the Program, the Primary Market Corporate Credit Facility,(8) or the Municipal Liquidity Facility(9); and has not received specific support pursuant to the Coronavirus Economic Stabilization Act of 2020 (Subtitle A(10) of Title IV of the CARES Act). What is an Ineligible Business under 13 CFR 120.110(b)-(j) and (m)-(s)? An Ineligible Business includes: financial businesses primarily engaged in the business of lending; passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds; life insurance companies; businesses located in a foreign country; private clubs and businesses which limit the number of memberships for reasons other than capacity; government-owned entities (except for businesses owned or controlled by a Native American tribe); and loan packagers earning more than one third of their gross annual revenue from packaging SBA loans. See the SBA website for the full list of ineligible businesses.   What certifications and covenants will an eligible borrower need to make under the Program? Will make reasonable efforts to maintain its payroll and retain its employees during the time the loan under the Program is outstanding Will not repay the principal balance or interest on any debt until the loan or upsized tranche of the eligible loan under the Program is repaid in full, unless the debt or interest payment is mandatory or due Commit that it will not seek to cancel or reduce any of its committed lines of credit with the eligible lender or any other lender Certify it has a reasonable basis to believe that, as of the date of origination or upsizing of the eligible loan, that it has the ability to meet its financial obligations for at least the next 90 days and does not expect to file for bankruptcy during that time period Will not repurchase an equity security that is listed on a national securities exchange of the eligible borrower (or its parent company) within 12 months after the eligible loan is repaid. Refer to H.R. 748-192, Sec. 4003(c)(3)(A)(ii)(I). Will not pay dividends or make other capital distributions with respect to the common stock of the eligible borrower within 12 months after the eligible loan is repaid.  Refer to H.R. 748-192, Sec. 4003(c)(3)(A)(ii)(II) During the 12-month period beginning on the date the loan agreement is executed:
-No officer or employee(11) of the eligible borrower whose total compensation(12) exceeded $425,000 in calendar year 2019 will receive total compensation greater than the amount received in 2019 (refer to H.R. 748-192, Sec. 4004(a)(1)(A)); or
-No officer or employee of the eligible borrower will receive severance pay or other benefits upon termination of employment that exceeds twice the compensation received in 2019 (refer to H.R. 748-192, Sec. 4004(a)(1)(B)); and
-No officer or employee of the eligible borrower whose total compensation exceeded $3 million in calendar year 2019 may receive greater than $3 million plus 50% of the excess over $3 million received in calendar year 2019. Refer to H.R. 748-192, Sec. 4004(a)(2). What is the period of time the loans will be available? All facilities under the Program have been extended  to December 31, 2020. For more information on this topic or to learn how Baker Tilly specialists can help, contact our team. 

On July 17, 2020, the Federal Reserve Board confirmed that the Main Street Lending Program will be expanded to provide credit to small and midsize eligible not-for-profit (NFP) organizations. A comprehensive FAQ for not-for-profit organizations was released and subsequently updated on August 6, 2020. 

Main Street Lending Program officially expands to include not-for-profit organizations exempt under sections 501(c)(3) and 501(c)(19)

While the vast majority of not-for-profit (NFP) organizations responding to a Baker Tilly survey noted that the coronavirus (COVID-19) pandemic has had a major impact on their operations, the reasons why are as varied as their missions. Somewhat surprisingly, a significant minority of NFPs noted upsides to the pandemic that may benefit their organizations in the long run. In the survey of 100 NFP organizations, 73% of them reported that the pandemic negatively affected their organizations, and, in fact, more than half (55%) said it had a “major impact” on operations. Respondents’ top pandemic-related issues were: Switching to remote work Suspending programs Declining investment portfolios Furloughing staff Ellen Labita, healthcare and NFP partner at Baker Tilly, said the extent of the pandemic’s effect generally correlated to the NFP’s mission.  Since most human service agencies, for example, are considered essential, they continued to operate. Many incurred significant additional costs, however, because they had to reinvent their program delivery models. These costs included creating virtual program settings, buying personal protective equipment and incurring increased program-specific costs, such as relocating homeless shelter clients to hotel rooms. Some or all of these extra costs may be reimbursed by the government and other funders. On the other hand, Labita noted that some NFPs, including many museums and performing arts groups, for example, closed completely, curtailing revenues they rely on from admissions, ticket sales and gift store purchases. Some have responded with online offerings to continue programming. With social distancing practices expected to be enforced indefinitely, these types of entities are having to rethink their path forward since for some that will mean severely limiting their crowd size and for others staying closed until the pandemic is over. NFPs that rely on special events have had to cancel or postpone in-person events. Some have forged ahead by hosting successful virtual events.  Paycheck Protection Program assistance More than 70% of respondents said their organization took advantage of the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). The PPP provides cash-flow assistance through 100% federally guaranteed loans to qualified small businesses, including NFPs. One of the key attractions for a PPP loan is that recipients can apply for forgiveness of the loans if certain conditions are met. Labita said NFPs awarded PPP loans must keep meticulous records for expenditures of the loan proceeds, especially the amount spent on expenses qualifying for forgiveness (generally salaries and benefits, mortgages, rent, utilities) and the time period during which the PPP funds were spent. The SBA has revised PPP regulations and guidance several times since the program started in March, and being able to demonstrate compliant use for loan forgiveness and possible audit is essential. Positive pandemic effect The overall negative effect of the pandemic is not a surprise, but the 8% of respondents that said it had a positive impact. “Some NFPs embraced being forced to create different ways to deliver services,” Labita said. “They may retain some of these platforms and find they might be more efficient as time goes on.”  For example, some human services organizations have realized the value in having virtual meetings among team members as well as with certain clients for services like tele-therapy, job training sessions or education programs. The calls eliminate travel time and safety concerns.  Often, though, technology can be an obstacle, either on the side of the organization or the client. For NFPs, the pandemic has justified investing in better technology, which is an area where NFPs typically lag behind their for-profit counterparts.  If they haven’t already, NFPs may need to update technology, since, as Labita said, “it looks like organizations may not be bringing all their people back on site quickly because of the need for social distancing,” and they may continue offering services virtually in the long term.  Longer-term effect Labita said it is hard to determine at this point the longer-term effect of the pandemic. As we emerge from the pandemic, governments and other funders may re-prioritize how they distribute available funding, and the overall pool of funds is likely to shrink. NFPs will likely need to find new sources of private funding and continue to focus on reducing costs, especially by expanding their use of technology to simplify processes and deliver efficient programming.   Fundraising will be a challenge due to limitations on in-person interactions. NFPs will have to find other ways to remind donors the importance of their missions with the goal of sustaining existing support and increasing new sources for contributions. For more information on this topic or to learn how Baker Tilly specialists can help, contact our team.

In a recent Baker Tilly survey of not-for-profit organizations, somewhat surprisingly, a significant minority noted upsides to the pandemic that may benefit their organizations in the long run. 

Some NFPs see glimmer of hope in disruption caused by pandemic: survey

Many not-for-profit (NFP) organizations have experienced significant declines in revenues due to program closures and decreased contributions, which presents significant financial challenges in financial reporting. In our prior article, we discussed the step-by-step process that not-for-profit management teams should follow to evaluate whether there are conditions or events that raise substantial doubt about the company’s ability to continue as a going concern. Baker Tilly’s going concern template is designed to help NFP organizations assist in the documentation of their assessment.
For more information on this topic or to learn how Baker Tilly specialists can help, contact our team.

Download our going concern template for not-for-profit organizations to assist in the documentation of their assessment.

Going concern assessment tool for not-for-profit organizations

WEBINAR THREE OF A THREE-PART SERIES
COVID-19 response and recovery: A webinar series for not-for-profits Video Not-for-profit organizations experienced first-hand the troubling effects of COVID-19 on communities. While the pandemic created opportunities for some organizations, nearly all not-for-profits report negative impacts that impede their ability to fulfill their mission, according to a recent Baker Tilly client survey.  Watch the on-demand recording to hear our not-for-profit peer panel discuss the impacts, lessons learned and success stories in dealing with COVID-19, including:  mission disruption, staffing and workforce deployment issues, opportunities for and challenges with relief funding assistance and re-opening plans.  Key learning objectives After viewing this webinar, participants will be able to: Describe leading practices for managing a workforce, maintaining and pivoting critical mission efforts and keeping funders and granters informed appropriately Summarize relief funding assistance programs available and innovative ways to manage governance and compliance Discuss plan approaches for re-opening and business lessons learned This webinar is intended for CEOs, CFOs, controllers, not-for-profit board members and other key members of management (operations, development, programs). For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

In this on-demand webinar, not-for-profit organizations discuss the impacts, lessons learned and success stories in dealing with COVID-19, including:  mission disruption, staffing and workforce deployment issues, opportunities for and challenges with relief funding assistance and re-opening plans.

Not-for-profit panel: leading practices from COVID-19

WEBINAR TWO OF A THREE-PART SERIES
COVID-19 response and recovery: A webinar series for not-for-profits Video The recent legislation passed by Congress as a response to the COVID-19 pandemic has created many opportunities for not-for-profit organizations, but has also caused a new administrative burden to stay in compliance with the new programs’ rules and regulations. This on-demand webinar discusses key tax and accounting considerations impacting your not-for-profit during the recovery phase and beyond, helping you to plan now, for tomorrow. Key learning objectives After attending this webinar, participants will be able to: Describe Paycheck Protection Program (PPP) forgiveness guidance and loan accounting considerations Summarize insights provided by our specialists regarding common operational issues and the impact on year-end financial results and performance reporting Discuss other tax and accounting trends and hot topics This webinar is intended for: CEOs, CFOs, controllers and COOs.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

This on-demand webinar discusses key tax and accounting considerations impacting not-for-profit organizations during the pandemic recovery phase and beyond.

Navigating the changing landscape – a financial perspective

To aid in your understanding and analysis of financial assistance and aid programs available to you or your business, Baker Tilly is maintaining a guide that outlines the COVID-19 stimulus package including CARES Act, Coronavirus Preparedness and Response Supplemental Appropriations Act, Families First Coronavirus Response Act, as well as state and local financial assistance programs.  Access the guide for an overview of COVID-19 federal, state and local financial assistance and aid programs, key deadlines and up-to-date information as programs evolve. Both documents are updated frequently. Refer back to this insight page for the latest information.  Last update on June 19, 2020 at 5:00 pm CST.

For more COVID-19-related insights, visit Baker Tilly’s Coronavirus Resource Center. For questions related to COVID-19 federal aid and financial assistance programs, contact our COVID-19 support team. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

Access Baker Tilly’s up-to-date guide for a summary of the COVID-19 stimulus package and to aid in your understanding and analysis of federal, state and local financial assistance programs available to your business. 

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COVID-19 Stimulus Guide: federal, state and local financial assistance programs

WEBINAR ONE OF A THREE-PART SERIES
COVID-19 response and recovery: A webinar series for not-for-profits Video While continuing to protect your organization and employees, not-for-profits should view this time as an opportunity for evolution. It is important to review the strategy, operations, procedures and policies put in place to manage the health and wellness of your organization and workforce during the COVID-19 pandemic. In this on-demand webinar, we discuss key considerations in running your not-for-profit during the recovery phase and beyond, helping you to plan for the future and a new normal. You will learn about the following to help get your organization back on track now, and protect it in the future: A recovery framework and the key dimensions of your not-for-profit organization to consider Challenges and opportunities facing organizations during recovery Growth strategies you can use as we enter the new normal, including strategic scenario planning Insights on re-opening strategies, protection and COVID-19 provisions Leading practices for supporting your employees, while listening to their concerns and working to resolve workforce issues Key provisions regarding the Families First Coronavirus Response Act (FFCRA) A growth plan for what work and work-life balance will be like for your employees in this new environment This on-demand webinar is intended for CFOs, CEOs, COOs, HR directors/managers and payroll managers.
To view the next webinar in this series, click here. For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

In this on-demand webinar, we discuss key considerations in managing the health and wellness of your not-for-profit organization and workforce during the COVID-19 pandemic.

Employee Management

Protecting your organization and your employees as the U.S. economy reopens

The coronavirus (COVID-19) outbreak continues to impact individuals and organizations nationwide. Not-for-profits can rely on our experience to meet your specific accounting and operational needs, especially during this uncertain time. Baker Tilly has a deep understanding of the issues not-for-profit organizations face and can provide reliable solutions to your organization and those you serve.

Our not-for-profit professionals have developed a collection of resources to help organizations prioritize and navigate through this challenging time. From emergency funding programs to the impact of the Families First Coronavirus Response Act, count on us to keep you updated.

Not-for-profits can rely on our experience to meet your specific accounting and operational needs, especially during this uncertain time. 

We have a deep understanding of the issues not-for-profit organizations face, and the creativity and humanity required to thrive in your world.

With a deep understanding of the issues not-for-profit organizations face, and the creativity and humanity required to thrive in your world, Baker Tilly professionals bring you reliable solutions that deliver measurable value to your organization and those you serve.

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