Nonprofit & Government Times
FOURTH QUARTER, 2018
IN THIS ISSUE
IRS Issues Guidance for Determining Nondeductible Parking Fringe Benefits MAGDALENA M. CZERNIAWSKI, CPA, MBA TAX DIRECTOR, NONPROFIT, GOVERNMENT & HEALTHCARE GROUP ROBERT LYONS, CPA, MST TAX DIRECTOR, NONPROFIT, GOVERNMENT & HEALTHCARE GROUP W hile two sections of the Tax Cuts and Jobs Act (“the Act”) - Code section 512(a)(6) and Code section 512(a)(7) - have a direct and significant bearing on tax-exempt organizations, very little guidance has been forthcoming since the law was passed almost a year ago. The purpose of these two sections is specifically to bring parity between not-for-profit organizations and their for-profit counterparts. Recently issued IRS guidance is finally shedding light on how this will be accomplished. First, on August 21, 2018, the IRS issued Notice 2018-67 with guidance concerning Code section 512(a)(6). That notice addressed the separation of different lines of business for Unrelated Business Income Tax (UBIT) purposes.
6 TAX REFORM ’s Impact on CHARITABLE CONTRIBUTIONS Magdalena M. Czerniawski & Robert Lyons 9 THE OVERHEAD MYTH : Finding Better Ways to Measure Nonprofit INCORPORATING DATA ANALYTICS Into Your Internal Controls Michael Dovi 14 Government Update: Effects of TAX REFORM on LOCAL GOVERNMENT Melissa Szot 16 Meet the MARKS PANETH TEAM Performance John D’Amico 11
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