Financial Technologies & Management- E-Newsletter for January, 2021
Upcoming Live Webinars
Happy 2021!! We have refreshed our E-Newsletter for 2021!! We hope you find our changes helpful and useful for your organization and appreciate your feedback and support.
We know everyone is suffering from webinar fatigue from last year, but we feel it important to continue these webinars into 2021. We also plan to start making more recorded webinars available to you as well. We would encourage you to review our video resources from past nonprofit forums, mip user group meeting, and financial management training. Please click here to access our video resource library for recorded live webinars.
These live webinars will help Nonprofit Leaders, Treasurers, Executive Directors, Finance Directors, Finance Staff, and other Nonprofit Staff.
Our upcoming live webinars for financial management training are broken into the following areas. Please feel free to click on any of these areas to learn more and register for these upcoming financial management training.
Financial Management Training-Topics include Overlooked Benefits of Outsourcing Nonprofit Accounting or Why your Nonprofit should be using Nonprofit Accounting Software?
Nonprofit Forum and MIP User Group-Starting back up in February, 2021 with schedule TBD
MIP Fund Accounting-General Ledger, Accounts Payable, Accounts Receivable, Reporting, Financial Statements, and Drillpoint-Each webinar is 2 hours.
Nonprofit Finance Certificate-Effective Financial Management and Leadership-first day is focused on bookkeeping and accounting; and second day is focus on controller, CFO, and leadership roles.
NFP CFO & Peer Group-FTM and Indiana CPA Society have partnered to facilitate this live event. The peer group determines those topics so please provide your feedback. The group meets on the 3rd Thursday of every other month starting in February.
Please contact us if you have any questions or feedback about our upcoming live webinars.
Paycheck Protection Program Round 2: The Highlights
After much deliberation, Congress finally agreed to approve a $900 billion COVID-19 relief package as part of the Consolidated Appropriations Act, 2021. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). The new relief package includes:
additional funding for new PPP loans
ability to obtain a second PPP loan for nonprofits that had at least a 25% quarterly revenue decline
loan eligibility for Section 501(c)(6) not-for-profits
forgiveness simplified applications for loans under $150,000
Please let us know how we can help you obtain PPP round 2 funding and loan forgiveness.
Form 1099-NEC, 1099-MISC, W-2, & W-3 due January 31st
Hopefully, you have collected your W-9 forms from independent contractors to whom you paid $600 or more this year to compile the information you need to send 1099-MISC and 1099-NEC to recipients and file them with IRS. Here is a link Form W-9 that you would need to request your contractors and vendors to complete to send them a Form 1099.
Certain Forms 1099-NEC, Nonemployee Compensation are used to report non-employee compensation to independent contractors. Such payments are reported in box 1 of this form.
For more information, read the instructions for 1099-MISC, 1099-NEC, Forms W-2 & W-3 and the Information Return Penalties page at IRS.gov.
Employee Retention Credit Expanded - What you need to Know?
Some employers may now be eligible to retroactively claim the credit on qualified wages going back to March 12, 2020. We expect more nonprofits will be eligible for the ERC under the expanded rules during the first two quarters of 2021.
The ERC as it existed under the CARES Act was not available to taxpayers who received a PPP loan. Provisions in the CAA remove this barrier and allow companies that qualify to retroactively apply for the credit so long as the same wages are not used for both. Careful planning is critical for maximizing the benefits under both programs – and keep in mind that more guidance from the IRS is expected (and needed).
Please contact us for help with the Employee Retention Credit.
MIP Fund Accounting Version 2020.3 is now available
MIP version?2020.3 is now available for download. This release is required in order to process 1099's and W-2s for 2020.
FTM is a certified business partner advocate and consultant for MIP Fund Accounting since 1999. Our firm will gladly assist you with all your year end processing needs. We can assist you with your upgrades, year end training, and tax form preparation assistance.
We prepare year end tax forms for quite a few of our clients so let us know if we can prepare these forms on your behalf.
Please contact us to let us know how we can help you have another successful year end & complete your year end tasks.