Employee Benefits Blog
Posts tagged Tax-exempt organizations
August 24, 2018
(How Revenue Procedure 2018-67 Impacts Tax-Exempt Organizations)
While most of the provisions in the Tax Cuts and Jobs Act of 2017 (the Act) passed by Congress in December of 2017 focus on for-profit entities and individuals, there were a handful of provisions that will directly impact tax-exempt organizations. As with many of the aspects of the Act that pertain to for-profit entities and individuals, tax-exempt organizations were not short on questions after reading through the Act. Significant guidance was needed to clarify and define various provisions in the Act and to instruct taxpayers how to implement the new rules. This week’s release of Revenue Procedure 2018-67 represents the first formal guidance received on the matter, and its contents are summarized in this article.