News

By the sheer look and sound of “2020,” we knew this would be a year to remember. But for most of us, the magnitude of 2020’s “memorability” has far exceeded our expectations—and the year is not over. As CPAs and finance professionals, we have an opportunity and responsibility to lead the organizations we serve through these trying times. Now, perhaps more than ever, your knowledge and expertise are needed as we all work together to successfully navigate our current challenges and emerge stronger. With that, here’s our annual list of top issues that not-for-profit leaders, accounting and finance managers, auditors, tax advisers, and board members should be aware of as we look ahead to the coming year.

COVID-19 considerations

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748) signed into law on March 27, 2020 in response to the COVID-19 pandemic was the largest economic relief package in U.S. history. Its provisions and programs are providing much-needed relief to countless not-for-profits that are enduring significant financial impacts and wide-ranging operational challenges.

The CARES Act program regulations and subsequent federal stimulus legislation continue to evolve—please visit the AICPA Coronavirus (COVID-19) Resource Center and read the NFP Section eAlerts for the latest information. We encourage you to browse and bookmark the AICPA’s CARES Act resources, which include tools and webcasts related to the Paycheck Protection Program and other areas.