Author Archives:
Erin Carter

Congress has been busy over the last few weeks working to agree on new legislation to extend COVID-19 relief to businesses and individuals. There are two competing pieces of legislation which include the HEROES Act passed by the House and the HEALS Act passed by the Senate.

The COVID-19 pandemic has taken its toll on Atlanta businesses and residents. The initial round of forced business closures and stay at home orders required many businesses to terminate, furlough, or reduce employee hours. Driven mainly by reduced demand for products and services these changes were needed to ensure many businesses could survive. Since the restrictions were lifted and businesses reopened many former employees were rehired.

The COVID-19 pandemic has significantly impacted both individuals and businesses. The various regulations designed to curb the spread of the coronavirus has impacted nonprofits in ways that were impossible to predict. Over the past few months, statewide restrictions on large gatherings combined with stay at home orders have left many cut off from essential fundraising activities.

The impact of COVID-19 protection measures including the stay at home orders, forced business closures, and general uncertainty about prevention, left many businesses and nonprofits in a compromised position.

On May 21, 2020, a new DOL Final Rule (the Rule) was approved which permits employers to post relevant disclosures online or deliver to employees through emails, as a default. This change is expected to make it easier and less costly for employers while making important information easily accessible for employees.

Fraud is one of those unpleasant business issues that many would rather not discuss. For those who have fallen victim to fraud, it can be a challenging topic while for others they would rather not give attention to something which has never happened in the business. It is understandable why it is not a popular topic in the boardroom, but it is one that businesses of all sizes need to carefully consider.

On April 9, 2020, the IRS issued Notice 2020-18 which provides broad extensions for filing and payment deadlines falling on or after April 1, 2020, and before July 15, 2020. The good news is this change applies to many nonprofits offering important relief.

The comprehensive nature of the Act has left many confused and wondering how their situation will be impacted. Specifically, many Atlanta nonprofits have been seeking clarification on which programs and incentives apply to them.

At the end of last year, President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which made changes to retirement saving opportunities and benefits for employees and other individuals. There has been a significant concern for some time that American’s are not saving nearly enough to fund their retirement. This is attributed to limited access to retirement plans, plans that lack automatic enrollment, poor plan education, and other saving restrictions.

As Georgia nonprofits and other tax-exempt entities return from the holidays, it’s time to settle in and get re-focused on managing various service programs and delivering needed assistance. While the last few months may have been focused on year-end financial reporting, tax planning and budget preparation for 2020, there was an important change made in 2019 impacting how nonprofits file their tax returns.