Exempt Organization Tax

IRS Issues Guidance on Meals and Entertainment Deductions Under Tax Reform

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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.

2018 Will See A Change in Form 990 Donor Disclosure Requirements

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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 […]

26 Years in the Making: Supreme Court Empowers States to Tax Online Retailers

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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.
Court Ruling
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 […]

IMPACT – Tax Cut and Jobs Act (TCJA) and NYC Nonprofits

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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 […]

The Curious Effect of IRC Section 15 on the Change in Corporate Tax Rates

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By: Deborah G. Kosnett, CPA
Tax Principal
It is well-known that the Tax Cuts and Jobs Act (TCJA) reduced the Federal income tax rate for corporations, from a top rate of 35% to a flat rate of 21%. The rate change is officially effective for tax years beginning after December 31, 2017. What isn’t […]

Clarity Regarding Taxability of Transportation Fringe Benefits

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Latest guidance from the IRS makes it clear that tax-exempt employers should now pay income tax based on amounts included in employee compensation reduction agreements (CRAs).
As you know, certain provisions of the recent federal income tax reform legislation may have a significant impact on tax-exempt organizations. Currently, one of the most controversial of these provisions […]

UBI Will Now Be Separately Computed for Each Business Activity! What We Know, and What We’re Waiting For

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By: Deborah G. Kosnett, CPA, Tax Principal, and Lisa W. Heller, CPA, Tax Senior Manager
Following is an article prepared by Tate & Tryon for the American Society of Association Executives, to help explain to their members the complexities of the new UBI “siloing” rule. We are still awaiting interpretative guidance from IRS; in the meantime, […]

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