The Huge Impact of the Tax Cuts and Jobs Act on Exempt Organizations (Webinar) (HITC-WEB)

Tuesday, June 26, 2018 from 12:00PM to 1:15PM in Webinar

1.50 CPE Credit Hours

When you read about tax reform, the focus is usually on how it affects individuals or businesses. But the Tax Cuts and Jobs Act changes the game for not-for-profit organizations and their razor-thin margins. The new tax law means increased Form 990-T reporting and recordkeeping, an increase in unrelated business taxable income (UBTI) for most filers, an overall higher tax rate for many organizations, reduced net operating loss (NOL) availability and other changes you need to consider. Get guidance on these major tax shifts and find out how to plan around them. Plus, get the inside scoop on which IRC definitions and guidance are available, which are being fast-tracked and which aren't expected anytime soon.
Designed For

CFOs, controllers, directors, executives and tax professionals of exempt organizations; CPAs, consultants and auditors who have exempt organization clients; and board members of exempt organizations

Objective

Understand how the Tax Cuts and Jobs Act affects exempt organizations, and adjust tax planning and reporting accordingly

Highlights
  • New IRC Sec. 512(a)(6) -- unrelated business income tax (UBIT) activity-by-activity siloing, and how this will almost certainly inflate UBTI
  • New IRC Sec. 512(a)(7) -- transit qualified nontaxable benefit provisions susceptible to UBIT
  • New excise tax on excess parachute payments or compensation exceeding $1 million for the five highest-compensated employees
  • New net investment income tax on colleges with significant endowments
  • The unified 21 percent rate -- planning for fiscal year filers’ blended rates and dealing with the almost-certain effective tax rate increase that most 990-T filers will face
  • Impact on 2017 Form 990 filers -- for 2018 months that generated new UBIT on expenses paid for qualified-as-nontaxable-benefits
Prerequisites
Basic understanding of UBIT recommended.
Advanced Preparation
None
Developer
Minnesota Society of CPAs
Presenters
Eve Borenstein,
Level of Knowledge
Update

Cost

Member
$59.00
Late Registration *
$84.00

Non-Member
$74.00
Late Registration *
$99.00

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This course is eligible for an additional $30 discount for AICPA members!
   
 
* If postmarked after 6/21/2018

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