The One Big Beautiful Bill Act (OBBBA) will have widespread impact for almost every taxpayer. Visit our OBBBA Resource Center regularly for continuing updates and guidance on the tax impact of this legislation to you and your industry.
Learn MoreThe One Big Beautiful Bill Act (OBBBA) affects a majority of taxpayers, including not-for-profits and particularly large private colleges and universities. Below highlights some of this sector’s key provisions to discuss with your tax advisers. Excise Tax Expanded Related to Excess...
Read MoreNot-for-profit organizations, recognized under Section 501(c) of the Internal Revenue Code, are generally exempt from federal income tax. However, not-for-profits with annual gross income above $1,000 stemming from activities unrelated to their exempt purposes — known as unrelated business taxable...
Read MoreCharitable giving has been a part of our society since ancient times, dating back to when the Egyptians built the pyramids. But it was only in 1954 that the modern tax code caught up and began recognizing public charitable organizations — vehicles bringing critical aid to those in need — as...
Read MoreA Real Estate Investment Trust (REIT) is a vehicle designed to give everyday investors the opportunity to access professionally managed real estate properties, without the hassle. Similar to a mutual fund, a REIT is a pooled investment fund, but it invests in various real property such as...
Read MoreWith funding from donors declining in combination with the rise of funding needs by not-for-profit organizations, many of these entities are feeling the pressure to expand their solicitation efforts. One key expansion effort includes soliciting donations and grants from those in other states....
Read MoreCongress gave an early Christmas present to tax-exempt organizations that provide parking for their employees. On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020, repealing Internal Revenue Code Section 512(a)(7) retroactively as if it were never...
Read MoreTax reform’s new rule that employers can no longer deduct parking expenses for employees impacts both tax-paying and tax-exempt organizations — and represents a big change for everyone. Accordingly, the IRS recently released interim guidance in Notice 2018-99, aimed at helping employers determine...
Read MoreThe Tax Cut & Jobs Act (TCJA) changed the rules for employers offering Qualified Transportation Fringe (QTF) benefits to employees. Effective January 1, 2018, employers may no longer deduct the expense of those benefits, unless it’s necessary for the safety of the employee. Most notably, QTFs...
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