As we prepare for the holiday, we know many of you have questions about the current tax bill’s implications on the nonprofit sector. Below is some helpful information to know our starting point in 2018. Foraker will remain a resource to you as we navigate the changes together.
To learn more about the bill, read Nonprofit Quarterly’s article What Nonprofits Can Expect in the GOP Tax Bill.
The article outlines several things to watch for, including:
- deductibility of charitable contributions,
- new excise taxes on selected nonprofits,
- treatment of unrelated business income generated by charities, and
- changes in the tax-exempt treatment of interest income from certain bonds issued by nonprofits.
Thanks to the National Council of Nonprofits for creating this matrix that outlines the components in the tax bill that impacts nonprofits.
Please stay in touch with us. We look forward to standing beside you in the new year.
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