ASAE and the Export-Import Bank (EXIM) are holding a webinar July 14 at 11 a.m. ET for association leaders interested in working with EXIM to support American jobs. Webinar participants will learn how EXIM facilitates U.S. exports by supplementing and encouraging private sector export financing; filling gaps when the private sector is unable or unwilling… Read more »

The Internal Revenue Service (IRS) will not further extend the tax filing and payment deadline past July 15, despite some calls to do so, the agency said this week. The IRS had previously extended the April 15 filing deadline to give taxpayers and small business owners more time during the COVID-19 pandemic. The agency said… Read more »

Category: IRS

Both the Senate and the House passed legislation by unanimous consent this week to extend the deadline for eligible businesses to apply for Paycheck Protection Program (PPP) loans, which was scheduled to expire June 30. The PPP, which was created to help small businesses weather the COVID-19 pandemic, has more than $130 billion in loan… Read more »

ASAE delivered a community sign-on letter to Congress this week, alongside 2,200 organizations, requesting assistance for nonprofit associations impacted by the COVID-19 pandemic.    ASAE and thousands of other organizations have urged Congress for months to grant nonprofit associations access to federal relief programs created to assist small businesses and industries struggling with payroll and other basic operations during the coronavirus pandemic. Congress specifically authorized financial assistance to 501(c)(3) charitable nonprofit organizations under these… Read more »

A bipartisan group of senators introduced legislation this week to expand a tax break for charitable giving to encourage taxpayers to donate to nonprofit organizations impacted by the COVID-19 pandemic. The Universal Giving Pandemic Response Act, introduced by Senators James Lankford (R-OK), Chris Coons (D-DE), Mike Lee (R-UT), Jeanne Shaheen (D-NH), Tim Scott (R-SC) and… Read more »

Though DC Mayor Muriel Bowser has unveiled a balanced budget that would invest in core services like housing, healthcare and education without raising taxes, the DC Council is considering proposals to raise taxes on individuals and businesses anyway to cover new spending projects. The DC Council’s Budget Oversight Committee held a hearing June 17 to… Read more »

ASAE filed comments with the Federal Reserve this week requesting expansion of the Main Street Lending Program to include 501(c)(6) associations in addition to nonprofit groups. The Main Street Lending Program, created to assist companies that were financially solvent before the coronavirus pandemic but now may need financing to maintain payroll and basic operations, will… Read more »

The deadline to join ASAE’s community sign-on letter requesting assistance for associations impacted by the COVID-19 pandemic has been extended to Monday, June 29. Click here to add your organization’s name to the letter. More than 1,500 associations have already joined the letter, which calls for 501(c)(6) associations to be eligible for the Paycheck Protection… Read more »

The U.S. government has withdrawn from months-long international negotiations on a digital tax deal that Trump administration officials believe would unfairly target large U.S.-based tech companies. The Organization for Economic Cooperation and Development (OECD) has been trying to reach agreement among nearly 140 countries on a global tax overhaul to address how “consumer-facing” digital giants… Read more »

Federal Reserve Chairman Jerome Powell warned senators June 16 that the U.S. economy would not recover strictly by reopening businesses shuttered by the COVID-19 pandemic and sending Americans back to the workplace. Testifying before the Senate Banking Committee, Powell said Congress should not let the better-than-expected May jobs report or a recent uptick in consumer… Read more »