FTM has served as your trusted MIP expert since 1999 to resell and implement MIP Fund Accounting and MIP Cloud to over 150 Nonprofit Organizations. We serve our local communities with our feet on the street approach. Our firm is rigorously certified and annually recertified to make sure that we stay up on the latest… Read More »

The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document Tuesday detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations. The release came after SBA and Treasury issued three pieces… Read More »

As a nonprofit organization, your goal is to use your time and resources to affect positive change for your cause. Since money is one of the many tools in your arsenal, you’ll need a way to keep track of what you have and how it’s being spent. An effective bookkeeping system is essential for making… Read More »

In addition to the welcome news for PPP loan recipients that associated qualified expenses are in fact tax-deductible, the Consolidated Appropriations Act (CAA) substantially expands Employee Retention Credit (“ERC”) benefits.  Some employers may now be eligible to retroactively claim the credit on qualified wages going back to March 12, 2020.  We expect many more companies will be… Read More »

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 the ability to obtain a… Read More »

Employers and other businesses must file wage statements and independent contractor forms by Jan. 31, 2021. Before the Protecting Americans from Tax Hikes (PATH) Act, employers generally had a longer period of time to file these forms. But the 2015 law made a permanent requirement for employers to file their copies of Form W-2, Wage… Read More »

Dear MIP customers,  We’re pleased to announce that MIP version 2020.3 is now available for download. As a reminder, this release contains high-quality updates such as reporting enhancements, defect fixes, new tools to provide us feedback, and more.  1099 and W2 filing deadlines are fast approaching. Here are the deadlines to efile through Aatrix. W2/1099 Federal, Employee, Recipient deadline Thursday, January 28 at… Read More »

Employees frequently incur expenses in the course of their employment. Some expenses may be reimbursed by the employer, while others may be the expense of the employees. The type of reimbursement plan administered by the employer is important for employees because it can have a significant impact on the employees’ tax liability. The Tax Cuts… Read More »

We our pleased to provide this timely update on the PPP Loan Management and Forgiveness for our clients and the nonprofit community. This is a follow up to our original blog article entitled ‘CARES Act Introduces Forgivable Loans for Nonprofits With Paycheck Protection Program’ One of the changes in the PPP program was that organizations… Read More »

Beyond understanding reports, much can be learned from analysis of the information and interpretation of what it is telling you. This tool provides the description and calculation of 14 ratios, including a mix of balance sheet and income statement ratios. Once familiar with these ratios, you can use the Ratio Calculation Worksheet to get started. Nonprofit leaders seeking to… Read More »