The Internal Revenue Service (IRS) issued Notice 2021-56 - Standards for Section 501(c)(3) Status of Limited Liability Companies as its first attempt to set the standards for a limited liability company (LLC) to become a...more
Have you seen the Internet memes concerning CASH SHORTAGES and CREDIT ONLY payment policies? Lately there has been confusion regarding whether businesses have the ability to refuse cash payments for goods and services,...more
Congratulations, if you received funding under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). As you know, obtaining the loan is just the first step and now we have to consider expenditure...more
As of January 31, 2020, organizations are required to submit Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, electronically through the online platform Pay.gov. The...more
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) in to law to provide emergency assistance and health care response for individuals, families, and businesses...more