Michele McKinnon on Tax Reform

Tax Law Changes Complicate Tax-Exempt Organizations’ Attempts to Calculate UBTI

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

12/14/2018 / Charitable Organizations , Income Taxes , Net Operating Losses , Tax Cuts and Jobs Act , Tax Deductions , Tax Exempt Entities , Tax Reform , UBTI

New Tax Regulations Limit Deductions for Gifts That Generate State Tax Credits

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

9/10/2018 / IRS , Proposed Regulation , SALT , Tax Credits , Tax Cuts and Jobs Act , Tax Deductions , Tax Reform

Charitable Giving After Tax Reform

Public Law No. 115-97, enacted Dec. 22, 2017, and informally known as the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”), contains several provisions that, in the aggregate, may have a substantial effect on charities and...more

5/31/2018 / Charitable Donations , Income Taxes , Tax Cuts and Jobs Act , Tax Deductions , Tax Rates , Tax Reform , Transfer Taxes

Tax Reform: Modifications to the Conference Committee’s Bill

On Dec. 19, the Senate parliamentarian ruled that three provisions in the Tax Cuts and Jobs Act violated Senate procedure. These provisions, which were subsequently removed, related to the use of 529 savings accounts for...more

12/21/2017 / 529 Plans , Colleges , Students , Tax Reform , Universities

Tax Cuts and Jobs Act: The Conference Committee’s Bill

The House-Senate Conference Committee released the revised “Tax Cuts and Jobs Act” on Dec. 15, 2017. This compromise bill made major changes to the separate bills that the House and Senate passed earlier this year. Both...more

12/19/2017 / Charitable Donations , Colleges , Estate Tax , Gift Tax , Local Taxes , State Taxes , Tax Deductions , Tax Reform , Trump Administration , UBIT

Tax Cuts and Jobs Act: Senate Bill Revisions Affecting Tax-Exempt Organizations

The U.S. Senate produced its version of the Tax Cuts and Jobs Act early on the morning of Dec. 2, 2017. Most of its terms closely track the Chairman’s Mark that the Senate Finance Committee approved Nov. 16, but a few key...more

12/6/2017 / Educational Institutions , Excise Tax , Income Taxes , Tax Exempt Entities , Tax Reform , UBIT

A Comparison of Key Provisions for Tax-Exempt Organizations

The Senate weighed in on tax reform by releasing a revised Chairman’s Mark of the “Tax Cuts and Jobs Act” on Nov. 14, 2017. Many provisions of the Chairman’s Mark closely track the House bill, but the two differ substantially...more

11/20/2017 / 501(c)(3) , Charitable Donations , Colleges , Generation-Skipping Transfer , Tax Deductions , Tax Exempt Entities , Tax Reform , UBIT , Universities

Tax Cuts and Jobs Act: Amendments Affecting Tax-Exempt Organizations

Federal tax reform continues as House Ways and Means Committee Chair Kevin Brady (R-Texas) offered his second amendment to the Tax Cuts and Jobs Acts on Nov. 9, modifying recently introduced legislation discussed in...more

11/13/2017 / 501(c)(3) , Charitable Deductions , Churches , Colleges , Educational Institutions , Political Contributions , Tax Reform , Trump Administration , Universities

Key-Provisions-Tax-Cuts-Jobs-Act-Tax-Exempt-Organizations

The debate over federal tax reform officially began Nov. 2, 2017, when House Ways and Means Committee Chair Kevin Brady (R-Texas) introduced H.R.1, the Tax Cuts and Jobs Act. Several provisions of the legislation affect...more

11/10/2017 / Colleges , Estate Tax , Generation-Skipping Transfer , Tax Deductions , Tax Exempt Entities , Tax Reform , UBIT , Universities

Michele McKinnon

McGuireWoods LLP

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