On September 21, 2022, the Internal Revenue Service ("IRS") Chief Counsel's Office issued an Advice Memorandum confirming that improperly forgiven Paycheck Protection Program ("PPP") loans are taxable. Thus, even if PPP loan forgiveness was obtained, the exclusion...
In the ever-evolving digital age we live in; one would believe that check fraud would be a thing of the past. Unfortunately, the age-old trick of criminals stealing checks out of the mail continues and appears to be more advanced than ever. Once the criminals are in possession of your checks there are several tactics deployed in editing the original check. These include but are not limited to altering the payee/amount (check washing) or simply forward endorsing the checks. On the more sophisticated side, criminals will take an image of the check, make alterations to it, and sell it on the dark web.
By Daniel T Condon & Matthew O’Dell The “new normal” identifies the impact of the COVID-19 pandemic on city and country clubs including challenges faced by these clubs, such as reduced revenue and changes in operations. We assess the financial impact on both types...
The insights social clubs need to know about the Employee Retention Credit (ERC). This refundable tax credit is designed to support businesses, including social clubs, in retaining their employees during the challenges posed by the COVID-19 pandemic. The brief...
By Daniel T Condon From a financial perspective, the cost of a bad hire can be considerable, from the amount of time and money spent on hiring the individual to the unnecessary disruption it can cause club operations. Putting in place the right steps to properly hire...
By Daniel T Condon The Internal Revenue Service is increasing its focus on good corporate governance for tax-exempt organizations, including tax-exempt social clubs. As of 2008 Part VI of Form 990 requests information regarding an organization’s governing body and...
By Daniel T. Condon In reviewing financing for proposed capital expenditure projects, clubs can consider the following alternatives: finance from operations, assess the membership, set aside all or a portion of initiation fees, borrow funds, sell property, combining...