June 6, 2018

Article written by:
MaKayla Tieu, CPA
Staff

Thank you to everyone who attended our Nonprofit Perspective: Tax Update Seminar on May 17, 2018! For those of you that were unable to attend, below is a quick summary of information discussed:

  • General Updates: Gennyfer Mullins presented information related to the new treatment of interest income received from Advance Refunding Bonds as well as a new IRS online form that replaces the current EO Select Check.
  • New Excise Taxes: Gennyfer also discussed the two new excise taxes that were passed as part of the Tax Cuts & Jobs Act. These excise taxes impact: (1) Executive Compensation and (2) Endowments of Nonprofit Colleges & Universities.
  • Unrelated Business Income Tax Changes & Issues: Rob Roll presented on some new and drastic changes to the Unrelated Business Income Tax including decrease in the tax rate, changes to the treatment of Net Operating Losses, as well as the method of reporting all Unrelated Business Income activities separately instead of on a combined basis. In addition, he covered the new rule that makes certain fringe benefits considered Unrelated Business Income.
  • Charitable Giving Changes & Strategies: Scott Eichar closed out the afternoon by looking at the impact of tax reform on charitable giving both from the individual and charitable organization’s viewpoint.

We appreciate everyone who took time out of their day to spend with us, both speakers and guests. If you have any questions, or would like more detail on any of these summarized topics, do not hesitate to contact your GBQ representative at (614) 221-1120 or info@gbq.com. We look forward to seeing you at one of our future Nonprofit Perspective events later this summer!

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