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Lingering TCJA Tax Considerations for Not-For-Profits
Posted by Amy O’Loughlin on Thu, Jan 24, 2019 @ 04:18 PM

After the first full year under the new tax reform law, one thing is clear: Several tax reform provisions may make tax reporting more difficult for not-for-profit organizations.

The tax law commonly referred to as the Tax Cuts and Jobs Act (TCJA) passed into law quickly, leaving ambiguities about how some of its provisions would be implemented. Not-for-profits received some more clarity at the end of 2018 around how to apply some of the TCJA’s changes, but little in the way of relief. Most organizations should still expect to spend more time with certain segments of tax-related reporting, including quantifying and segmenting their sources of unrelated business income (UBI) and evaluating their qualified transportation fringe benefits.

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Topics: Amy O’Loughlin, Not-for-Profits, unrelated business income (UBI), nonprofit, Tax Reform, Tax Cuts and Jobs Act, TCJA, Tax Reform Act, UBI

What Did the FASB Have to Say About Tax Reform?
Posted by Mark Winiarski on Fri, Feb 2, 2018 @ 08:56 AM

The FASB met Wednesday, Jan. 10, 2018, and discussed how companies should account for the effects of the new tax law, introduced as H.R. 1 (Tax Cuts and Jobs Act). The discussion addressed six different financial reporting issues related to the new tax law and has already resulted in the issuance of a FASB Staff Q&A.

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Topics: FASB, Mark Winiarski, Tax Reform, Tax Reform Act, tax reform bill

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