As previously outlined in our November 8th Special Alert, the U.S. House of Representatives released a Bill on November 2, setting forth the most significant proposed changes to federal tax law in more than 30 years. The following is a summary of the key provisions in the most current version of the House and Senate Bills that would impact nonprofits. Modifications to the Senate Bill were released on November 14, 2017, and major modifications to the Senate Bill provisions outlined below have been noted parenthetically for ease of reference. The Senate Bill is expected to be further marked up and modified, and BMWL will update this information periodically as major new developments impacting nonprofits are released.
The U.S. House of Representatives released a Bill on Thursday, November 2, setting forth the most significant proposed changes to federal tax law in more than 30 years. The legislation, representing a major overhaul of the U.S. tax system, contains numerous provisions directly and indirectly impacting nonprofit organizations. Below is a summary of the key provisions in the House Bill that would impact nonprofits.
Help is on the Way - How Nonprofits Can Aid Disaster Relief Efforts While Maintaining Exempt Status Within Applicable IRS Requirements
What key legal compliance considerations apply for nonprofits participating in disaster relief? Nonprofits need to stay true to their mission overall, avoid improper private benefit, remain mindful of time-related guidelines, report aid properly, and consider strategic initiatives like partnering with others or starting a new nonprofit to serve others most effectively.