Part VII of the Form 990 is one of the more closely examined and highly scrutinized sections of an exempt organization’s tax return, both from the public and potential donors as well as other organizations and businesses. This is mainly because this section reports...
At the end of December 2020, the second round of the Paycheck Protection Program (PPP) funding passed under the Economic Aid Act which provides additional relief to not-for-profit organizations. In addition to the expansion of the program to include 501(c)(6)...
By: Damien Strohmier, CPA, Senior Manager As many companies are receiving Paycheck Protection Program (PPP) debt forgiveness and loan payoffs, the question of how to record forgiveness has resurfaced. This article will revisit accounting for PPP loans as debt or...
Bill.com
QuickBooks