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.

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 […]

New Due Dates for Tax Returns Due in 2017

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By: Lisa W. Heller, Tax Senior Manager
As you may be aware, there have been several changes in due dates for federal tax returns. These changes are generally effective for tax years starting after December 31, 2015 – that is, for 2016 tax returns prepared during the 2017 filing season. These modifications relate mostly to flow-through […]

New Form 8976 Notifies IRS of Intent to Operate as a Section 501(c)(4) Organization

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By: Deborah Kosnett, CPA, Tax Principal
The IRS has issued temporary regulations (T.D. 9775) relating to a new filing requirement, added by the Protecting Americans from Tax Hikes (PATH) Act of 2015, mandating that newly-formed civic organizations must timely notify the IRS of their intent to operate as tax-exempt social welfare groups under section 501(c)(4) […]

Law Requires DC Employers with 20 or more Employees to Provide a Transit Benefit Beginning January 1, 2016

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As many of you know, a new D.C. law requires D.C. Employers with 20 or more employees to provide a transit benefit beginning January 1, 2016.
A provision of a 2014 D.C. law requiring all D.C. employers (including nonprofits) with 20 or more employees to provide a transit benefit to employees goes into effect on January […]

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