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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, nonprofit, TCJA, Tax Cuts and Jobs Act, Tax Reform, Tax Reform Act, unrelated business income (UBI), UBI

Three Targets of UBIT Scrutiny
Posted by Betty Isler on Fri, Mar 25, 2016 @ 11:31 AM

The healthcare and educational sectors brought renewed scrutiny to nonprofits’ unrelated business income activity in recent years. High rates of noncompliance in the IRS College and University Compliance Project Final Report and renewed focus on spending in the healthcare sector have regulators taking an especially close look at the issue of unrelated business income tax (UBIT).

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Topics: not-for-profit, Non-profits, NFP, Betty Isler, unrelated business income (UBI), UBIT

Don’t Forget the SALT- A Not-for-Profit’s Guide to State and Local Tax Compliance
Posted by Tarra Curran and Craig Klein on Fri, Oct 2, 2015 @ 04:31 PM

The digital age created a new standard for your operations. Not-for-profit organizations no longer need brick-and-mortar locations to deliver services, and employees do not need to be physically present in your building in order to work for your organization. Online gift shops and bookstores may also necessitate tax filings in multiple states.

 

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Topics: Tarra Curran, Not-for-Profits, tax compliance, Craig Klein, sales and use tax, payroll taxes, unrelated business income (UBI)

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