KNOCK YOURSELF OUT - RESUSCITATING TAXPAYERS WITH BUYER'S REMORSE!
On December 20, 2019, President Trump signed into law changes to the private foundation excise tax on net investment income under Section 4940 of the Internal Revenue Code. For purposes of Section 4940, net investment...more
Section 4940 of the Code imposes an excise tax on the “net investment income” of private foundations. Historically, the excise tax was 2%, with an opportunity for reduction to 1% for a year in which the foundation’s...more
Effective December 20, 2019, the "Taxpayer Certainty and Disaster Tax Relief Act of 2019" makes two legislative changes of special interest to tax-exempt organizations. Retroactive Repeal of Nonprofit "Parking Tax" - ...more
On November 16, the House of Representatives passed an amended version of H.R. 1, the “Tax Cuts and Jobs Act,” by a vote of 227-205 (the “House Bill”). On November 20, 2017, the Senate Finance Committee released the Senate’s...more
The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more
Private Foundation Rules to Remember - Private foundations must follow a variety of rules to avoid the imposition of potentially onerous penalty taxes on the foundation and its related parties...more