Not-for-profit organizations will face some critical challenges as the new tax law begins to take effect. The Tax Cuts and Jobs Act (TCJA) had to be paid for in order to be passed, and a result, new taxes were added to offset the costs of the 40 percent reduction in corporate tax rates and 20 percent deduction to owners of pass-through entities.
Topics: Amy O’Loughlin, executive compensation, Craig Klein, Taxes, Congress, estate tax, Tax Reform, House of Representatives, senate, Charitable contribution planning, not-for-profit tax
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.
Topics: executive compensation, Craig Klein, Taxes, Congress, estate tax, Tax Reform, House of Representatives, senate, Charitable contribution planning, not-for-profit tax