Get the support you need to properly manage key nonprofit compliance challenges - Nonprofit organizations often find themselves vulnerable to unique fraud and conflict of interest concerns. This one-day virtual conference...more
On January 21, 2020, the Internal Revenue Service (IRS) released guidance for tax-exempt organizations on how they may obtain a refund or credit for prior year unrelated business income tax (UBIT) incurred for qualified...more
The IRS is revising Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions, to help charities apply for 501(c)(3) tax-exempt status. Effective January...more
In a recent taxpayer win, the United States District Court for the District of Minnesota granted summary judgment in an $11.5 million refund claim brought by the Mayo Clinic (“Mayo”) on the basis that certain Treasury...more
In Notice 2018-67, released on August 21, 2018, the Internal Revenue Service (IRS) sought comments and provided interim guidance on changes in the calculation of unrelated business income tax (UBIT) enacted in the Tax Cuts...more
As mentioned in our January 2018 Client Advisory, the Tax Cuts and Jobs Act (the “Act”), signed into law at the end of 2017, contains significant changes affecting the tax treatment of certain fringe benefits and executive...more
Congress and the Administration have been busy recently, enacting not only the "Tax Cuts and Jobs Act" or "TCJA" on December 22, 2017, but also a Continuing Resolution on January 23, 2018, and the Bipartisan Budget Act of...more
Although much of the reporting on the Tax Cut and Jobs Act recently enacted by Congress has focused on the deductions for individuals and businesses, the bill also includes several provisions that apply specifically to...more
he Tax Cuts and Jobs Act was signed into law on December 22, 2017. This tax reform law includes the following changes directly affecting nonprofit and tax-exempt organizations, and those who donate to them. A number of...more
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...more
The 2017 tax reform legislation colloquially referred to as the Tax Cut and Jobs Act (the Act) includes a number of provisions that will affect tax-exempt organizations of all types, as well as provisions that will affect...more
Adopting the Senate’s approach, tax reform legislation will not require governmental pension plans to be subject to unrelated business income tax, and tax-exempt entities subject to tax on unrelated business taxable income...more
On December 22, 2017, US President Donald Trump signed H.R. 1, enacting fundamental changes to the US tax law that affect all sectors of the economy, including nonprofits. Earlier this week, the US House of...more
The tax reform bill (H.R. 1) approved by the House and Senate this week, and expected to be signed by the President, eliminates the deduction available to employers for the provision of qualified transportation fringe (“QTF”)...more
On December 20, 2017, the Senate and House of Representatives passed H.R. 1, known as the “Tax Cuts and Jobs Act” (“Tax Reform Bill”). President Trump is expected to sign the Tax Reform Bill by early January. The Tax Reform...more
On December 20, 2017, Congress passed the Tax Cuts & Jobs Act (TCJA), which now awaits President Trump’s signature. Among many changes that the TCJA will bring to current federal tax law, several will affect tax-exempt,...more
On Friday, December 15, the U.S. House of Representative and Senate conferees reached agreement on the Tax Cuts and Jobs Act (H.R. 1) (the “Final Bill”), and released legislative text, an explanation, and the Joint Committee...more
The House and Senate negotiators emerged on Friday, December 15, 2017, with a compromise tax reform proposal that would overhaul the Internal Revenue Code for the first time since 1986. Nonprofit hospitals and other...more
In the early hours of Saturday morning, the U.S. Senate passed the Tax Cuts and Jobs Act (H.R. 1) (the “Senate bill”), just over two weeks after the U.S. House of Representatives passed its own version of the same legislation...more
Update. We described in a previous blog post major changes that tax-exempt hospitals and other tax-exempt organizations in the healthcare industry face in the tax reform proposals working their way through Congress. In the...more
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
The Senate’s final tax reform bill contains several troubling provisions for tax-exempt organizations but represents an improvement over last month’s proposed legislation, which caused concern across the nonprofit sector. ...more
On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Initial House Bill”). Our previous alert discussed the possible impact of certain provisions...more
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