Tax Reform for Tax-Exempt Organizations

Author: Jane Searing, Jennifer Becker Harris

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

December 22, 2017 the Tax Cut and Jobs Act (TCJ Act) was signed into law. The TCJ Act is the largest overhaul of tax law in more than 30 years. The impact of the new law will be felt by tax exempt organizations. The impact is in effect now; beginning January 1, 2018 for organizations with employees.

Regardless of whether you are working with public charities, donors, private foundations, or trade associations, this webinar is for you. This two-hour CPE course will walk through the areas of the Act highlighting areas of change, uncertainty (where Treasury still must provide guidance), and steps you can take to get ready now.

Your non-profit organization or clients who are tax exempt organizations will be asking questions and trying to plan for this massive change.

Publication Date: February 2018

Designed For
CPAs, enrolled agents, tax return preparers, tax attorneys and financial advisors who work with not-for-profit organizations and their donors.

Topics Covered

  • Impact of the TCJA on tax-exempt organizations
  • Planning for implementing changes to the unrelated business income tax rules
  • Addressing impact of changes in the law to non-profits as employers
  • Unrelated Business Income provisions
  • Important Time Frames
  • Other Levers Which Could Impact Charitable Giving
  • Projected Impact of Change in Itemized Deductions on Exempt Organizations
  • Comparison of 2017 & 2018 Standard Deduction
  • Why Changes in Itemized Deductions MAY Impact Charitable Giving
  • NFP organizations as employers
  • Transportation Benefits or On-site Athletic Facilities
  • What Benefits are Impacted
  • Operationalizing — Who Pays for Benefits?
  • How to make a decision
  • Highly Compensated Employees
  • Other Benefits — No Longer Excluded From Income
  • Unrelated Business Income Tax - Corporation or Trust?
  • Changes in UBI Rules
  • Net Operating Losses
  • Donor Acknowledgment
  • Why is Donor Acknowledgment Important?
  • Donor Advised Funds — Read Notice 2017-73
  • Consolidated Partnership Audit Regime
  • Recommended Communication with Partnerships

Learning Objectives

  • Recognize areas where additional guidance is needed or lacking guidance a tax position will need to be documented
  • Identify reporting and compliance requirements and tax planning opportunities to discuss with clients
  • Differentiate key time frames and highlights of the new Tax Cuts and Jobs Act
  • Identify changes from the Tax Cuts and Jobs Act with respect to itemized deductions and charitable contributions that may impact charitable giving
  • Identify the 2018 standard deductionfor those taxpayers that are married filing jointly
  • Describe changes to the tax impacts of highly compensated employees
  • Recognize cases resulting in a deduction being denied due to the CWA date being after the taxpayer filed the return
  • Differentiate characteristics of Section 3 of Notice 2017-73 with respect to donor advised funds
  • Recognize payroll provisions as a result of the TCJA
  • Identify uniform basic income changes for not-for-profits
  • Differentiate changes from the Tax Cuts and Jobs Act may result in a positive impact on charitable contributions
  • Describe the increase amount in the estate and gift tax exclusion
  • Recognize types of professions excluded from the highly compensated employees excise tax on excess compensation
  • Identify how many years net operating losses may be carried forward under the new TCJA
  • Describe cases resulting in contributions being denied because Form 8283 was not property completed
  • Differentiate sections of Notice 2017-73 prescribe that ticket purchases with a quid pro quo value to the donor fund advisor are not permissible

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax-exempt organizations and IRS reporting, compliance, and taxation issues.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $55

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