New UBIT “Silo” Proposed Regulations

In the final weeks of 2017, there was a frenzy of activity on Capitol Hill. The GOP leadership and the White House were laser-focused on overhauling the federal tax code by the Christmas recess.  Along the way, they skipped a number of the usual niceties: thoughtful drafting, committee hearings, bipartisan debate and consideration - to name a few. Indeed, the Tax Cuts and Jobs Act of 2017 (TCJA ‘17) was all so Read More

The Fringe Benefits Tax: Hope for Repeal

The 2017 Tax Cuts and Jobs Act (TCJA) made sweeping changes in the federal tax code affecting almost all entities and individuals after a whirlwind frenzy of activity beginning just weeks before the end of that year.  Many lawmakers privately acknowledged they had not read the entire bill before they voted to pass it; they were surprised and dismayed at many parts of this hasty legislation. Among the least Read More

New UBIT Changes: Interim Guidance

In December 2017, Congress rushed through extensive tax law changes including a sprinkling of provisions directly affecting nonprofit organizations. Many were unexpected and hastily - that is, sloppily - drafted with immediate effective dates instead of the typical phase-in schedule. On January 1, 2018, the nonprofit community and its advisers faced difficult compliance duties with little or no guidance from the Read More

Unrelated Business Income Tax: Volunteer Labor Exclusion

Having too much “unrelated business income” (UBI) is right up there with four other sure-fire ways to sink your valuable 501(c)(3) tax exemption: engaging in political-campaign activity, doing too much lobbying, setting up operations and activities that produce too much private benefit, and forgetting to file Form 990s.   The Unrelated Business Income Rules In The Fourth Way to Sink Your Tax Exemption: Too Much Read More