GreggBossen
When the Tax Cuts and Jobs Act (TCJA) was signed into law, most of the coverage revolved around changes in deductions and massive tax rate changes that affected almost every for-profit business and individual in America. Few noticed, at least initially, the changes made to the law affecting nonprofits. However, it turns out that seemingly small changes are having a huge impact; thousands of nonprofits that have never worried about taxation may now owe unrelated business income tax (UBIT) and must file Form 990-T, Exempt Organization Business Income Tax Return.
While several TCJA changes impact nonprofits, some are receiving significant attention.
Click here to continue reading Gregg Bossen's article on the Intuit ProConnect Tax Pro Center blog.
Gregg Bossen is presenting two webinars with Insightful Accountant in the next few weeks:
Taxes and NonProfits: Understanding and Avoiding Unrelated Business Income Tax (UBIT) on September 24 at 2:00 p.m. Eastern Time. More info here. Register here.
Budgeting in QuickBooks for Your Clients (QB Desktop and QBO) on October 24 at 2:00 p.m. Eastern Time. Register here.
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