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Recent Posts by Craig Klein

What Not-For-Profits Stand to Gain (or Lose) from the Latest Tax Reform Plan
Posted by Craig Klein on Thu, Nov 30, 2017 @ 11:39 AM

Congress took its first steps toward tax reform when both the House and the Senate released versions of their changes to the tax code. The House passed its version of the Tax Cuts and Jobs Act, while the Senate Finance Committee approved its version of a tax reform bill on November 16. Provisions vary significantly between the House and the Senate versions of the tax reform plan, but they share one element in common: they both have provisions that will affect not-for-profit organizations.

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Topics: executive compensation, Craig Klein, Taxes, Congress, estate tax, Tax Reform, House of Representatives, senate, Charitable contribution planning, not-for-profit tax

Post-Issuance Compliance for Tax-Exempt Bonds: Understanding the Requirements
Posted by Craig Klein on Tue, Sep 27, 2016 @ 04:39 PM

The tax-exempt bond area is closely overseen and regulated by the IRS tax-exempt bond (TEB) division. In 2016, TEB has been allocating half of its resources to examination casework. Included in the examination casework category are referrals and claims, TEB’s market segmentation program and the division’s compliance check/soft letter program.  Given the importance of tax-exempt bond financing to your organization, the complexity of maintaining post-issuance qualification of your bonds, and the IRS’s oversight of this area, your organization should understand the requirements for post-issuance compliance and monitor the use of bond-financed facilities to ensure continuing compliance. The penalties for noncompliance could be costly.

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Topics: tax-exempt, compliance, tax compliance, Craig Klein, 501(c)(3), tax exempt bonds, bonds, Post-issuance compliance

Safe Harbor Expanded for 501(c)(3) Bond-Financed Buildings
Posted by Craig Klein on Thu, May 28, 2015 @ 02:14 PM

The IRS recently updated its guidance for not-for-profit organizations benefiting from tax-exempt bonds. IRS Notice 2014-67 loosens up requirements related to private business use of 501(c)(3) bond financed facilities. The changes are somewhat directed to address healthcare Accountable Care Organizations (ACOs) participating in the Medicare Shared Savings Program. However the expanded safe harbor has broader applicability within the not-for-profit sector.

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Topics: Craig Klein, 501(c)(3)

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