Internal Revenue Code section 4968, enacted as part of the 2017 Tax Cuts and Jobs Act, imposes a 1.4 percent excise tax on the net investment income of certain private colleges and universities. The U.S. Treasury Department...more
Last month, Congress retroactively repealed the provision of the 2017 Tax Act that imposed unrelated business income tax on nonprofits that provided qualified transportation fringe benefits to employees....more
Charities and other exempt organizations face higher taxes, more complex returns and tough investment decisions under new unrelated business income tax rules effective for 2018. Despite recent guidance from the Internal...more
The Treasury Department has proposed new regulations that may hamper numerous state programs offering state income tax credits in return for charitable contributions. Designed to thwart recent state efforts to circumvent new...more