Tax Reform for Tax-Exempt Organizations (Currently Unavailable)

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

Presented by Jane Searing and Jennifer Becker Harris, this self-study course covers the impact of the TCJA on not-for-profit organizations. Among other topics, you’ll learn how to identify reporting and compliance requirements and tax planning opportunities to discuss with clients.

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

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