The New Charitable Deduction for Nonitemizers

Congress included a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act intended to provide some relief for charitable organizations, who are seeing a decline in contributions due to the recent economic turmoil. The CARES Act permits eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions as an "above-the-line" deduction, i.e., as an adjustment in determining adjusted gross income (AGI), for tax years beginning in 2020.

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Payroll Tax Deferral: 09/01/2020 – 12/31/2020

The Internal Revenue Service has issued guidance on the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax, if the employee’s wages are below a certain amount.

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Revised PPP Loan Forgiveness Application

On Wednesday June 17, 2020, the US Small Business Administration, in collaboration with the US Treasury, released a revised Paycheck Protection Program (PPP) Loan Forgiveness Application.  The application reflects changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5, 2020.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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