The recent Tax Cuts and Jobs Act (“TCJA”) is the largest tax code rewrite in several decades and includes significant changes for the nonprofit sector. Three major changes that raise complex issues for tax-exempt organizations and those counseling them are:
..Unrelated business income tax (“UBIT”) must be computed separately for each
activity rather than in the aggregate;
..Excessive executive compensation is now subject to an excise tax; and
..Private college and university investment income is now subject to an excise tax.
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