President Trump’s 1,000-page Big Beautiful Bill (BBB), which passed by a narrow margin in the House this week, contains several provisions that will impact the tax-exempt sector. Most of them are unwelcome news for nonprofits. The BBB expands upon some of the key items of note to non-profits enacted during
2025 has long been seen as an important year for tax policy since the Tax Cuts and Jobs Act (“TCJA”) was enacted in December 2017. Many tax provisions were set to automatically expire at the end of 2025 in TCJA, so 2025 was always expected to bring talk of extensions
In the dynamic world of real estate investing, the 1031 exchange stands out as a strategic tool that investors and developers can use to defer capital gains taxes. What is a 1031 exchange? Named after Section 1031 of the Internal Revenue Code, this provision allows investors to sell a property
In 2018, the Financial Accounting Standards Board (FASB) issued guidance to clarify and improve the accounting guidance for grants and contributions. This was the result of ambiguity under prior guidance in characterizing grants and similar contracts as either exchange transactions or contributions and in determining whether a contribution is conditional,
Co-authored with Madeleine Lang. The Trump administration has recently imposed several new United States (“US”) tariffs, including both country-specific tariffs and product-specific tariffs. On April 2, a 10 percent baseline global tariff on imports of products from all countries was announced, in addition to higher reciprocal tariffs that are country-specific
Those following the on again, off again changes to Beneficial Ownership Information (“BOI”) reporting may be suffering from whiplash. Since our last update a few weeks ago, two significant developments have taken place. First, earlier this month, the Treasury Department stated that it was working on some proposed rules that
Month-end is a challenging time for many nonprofit organizations. The pressure to compile financial information and reports from a variety of systems, coordinate between departments, and balance schedules can be stressful. How can nonprofits streamline financial practices to achieve both financial excellence and greater mission impact? Balancing financial data management,