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Tax-Exempt Highlights Comparison – Tax Cuts And Jobs Act Of 2017

On December 22, President Trump signed into law the “Tax Cuts and Jobs Act” (P.L. 115-97), a sweeping tax reform law that will entirely change the tax landscape. The legislation reflects the largest major tax reform in over three decades. There were four main changes specifically for tax-exempt entities including excise tax on excessive compensation, excise tax on private college’s investment income, UBTI computation, and UBTI for disallowed fringe benefit costs. This comparison describes those four changes and a number of the Act’s other changes that could affect tax-exempt organizations.

Tax-Exempt Highlights Comparison

 

 

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Biden Tax Plan | 2020 Tax

The Biden Administration Tax Plan – What We Know Today as You Prepare Your 2020 Taxes

By: Tom Nowak, Principal The change to a Democratic Presidency and a Democratic-controlled House and Senate as a result of the elections leads to speculation on tax law changes on the horizon. President Biden mentioned on the campaign trail many tax initiatives he would prefer to see, but the timeline for such reform appears likely […]

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Compliance Supplement Addendum Issued and FAC Extensions

2020 Compliance Supplement Addendum Issued and Extensions Granted

On December 22, 2020, the Office of Management and Budget (OMB) issued the 2020 Compliance Supplement Addendum (Supplement Addendum). The Supplement Addendum provides guidance on auditing Coronavirus Aid, Relief, and Economic Security (CARES) Act money and other COVID-19 relief programs. The addendum has the same effective date as the original August 2020 Compliance Supplement for […]

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