Tax-Exempt Organizations, Unrelated Business Income Tax and the New Tax Act

July 8, 2018

Author: Angela Juvelis, Audit Manager   Included in the Tax Cuts and Jobs Act of 2017 (the Act) is a provision which may have a significant impact on certain tax-exempt organizations. Tax-exempt organizations that provide qualified transportation fringe benefits (i.e. transit passes and parking) and on-premises athletic facilities are now required to pay an “unrelated…

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U.S. Supreme Court Overruled Quill’s Physical Presence Requirement

June 25, 2018

Author: Iris Chang, Tax Supervisor   The United States Supreme Court has ruled in favor that states are allowed to collect sales tax from online retailers, even if companies don’t have a physical presence in the state, in the South Dakota v. Wayfair decision, on June 21, 2018.  On Thursday, the Supreme Court overruled Quill Corporation v.…

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Changes to the 2017 Form 5500

May 14, 2018

There are changes to the Form 5500 each year. For 2017, the Form 5500 changes are as follows: IRS-only questions that filers were not required to complete on the 2016 Form 5500 have been removed from the Form 5500, Form 5500-SF and Schedules, including preparer information, trust information, Schedules H and I, line 4o, and…

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IRS Reminds Exempts to File Annual Returns by May 15 to Safeguard Exemption

May 10, 2018

IR 2018-117, May 2018 IRS has issued a Fact Sheet and a News Release reminding tax-exempt organizations to file their annual information returns (Form 990, Return of Organization Exempt From Income Tax) by May 15, 2018, or risk having their federal tax-exempt status revoked. IRS also cautioned tax-exempts not to include Social Security numbers (SSNs)…

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IRS News Alert

April 26, 2018

Warning! The Internal Revenue Service recently announced that criminals are using telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick individuals into paying non-existent bills. Follow the link below to learn more. IRS News Alert

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What to Consider Before Teaming Up

April 23, 2018

As a result of rising facility costs, many nonprofits throughout the United States are beginning to consider shared workspace arrangements. This is of particular interest in areas where organizations are being priced out of the real estate market. Nonprofits who are looking to cut operating costs can also benefit from such a move. Options to…

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