IRS issues interim guidance on the executive compensation excise tax required under the new tax law. Tax-exempt organizations that pay their top people over $1 million, or that provide generous severance packages are affected.
During the 2019 calendar year, the DC Office of Tax and Revenue (OTR) will begin to expire tax exemptions granted under DC law and will require all exempt entities to renew their exemptions or be reclassified as fully taxable.
This article provides an overview of the IRS’s recently issued guidance on the determination of the nondeductible portion of parking fringe expenses and unrelated business taxable income.
In this audio podcast, Tax Principal Debbie Kosnett and Senior Tax Manager Lisa Heller discuss what you need to know about the new unrelated business income silo rules.
The IRS has issued guidance on the business expense deduction for meals and entertainment related to the tax law changes of the Tax Cuts and Jobs Act (the Act). For nonprofit organizations, this affects only taxable activities such as meal and entertainment expenses associated with unrelated business income activities, and similar expenses for subsidiary entities such as taxable corporations or passthrough entities such as partnerships.
The IRS has issued long-awaited guidance regarding the calculation of unrelated business taxable income (“UBTI”) for exempt organizations under the new tax law. Although it is considered interim guidance, taxpayers may rely on the guidance given here until proposed regulations are issued.
IRS will no longer require donor reporting for non-501(c)(3) exempt organizations.
Beginning next year, non-501(c)(3)’s will no longer be required to disclose donor names and addresses on the Form 990 Schedule B. This change, recently announced by the IRS in Rev. Proc. 2018-38, will be effective for Forms 990 […]
In this audio podcast, Tax Principal Debbie Kosnett discusses the recent SCOTUS Wayfair decision allowing states to collect sales tax from online retailers, why it’s so important, and what the implications are for nonprofit organizations.
U.S. Supreme Court Ruling Now Allows States to Collect Sales Tax from Online Retailers Regardless of Whether they Have a Physical Presence in a State.
Last week, the U.S. Supreme Court overturned a 1992 precedent prohibiting states from requiring businesses to pay sales tax unless they had a tangible physical presence within the state. That […]
NYC Comptroller Weighs in on Tax Reform’s Impact on NYC Non-profits
By Eric Owens, Tax Senior
Last month, New York City Comptroller Scott Stringer released a report regarding how the new federal tax law, known as the Tax Cuts and Jobs Act (“TCJA”), may impact New York City’s non-profit sector. The report focuses on three areas […]