Tax Cuts and Jobs Act (TCJA) - Impact on Tax Exempt Organizations

Published November 12, 2018

The 2017 Tax Cuts and Jobs Act that was enacted late in 2017 made several changes to the tax laws affecting tax-exempt organizations, including a new Unrelated Business Taxable Income (“UBTI”) tax rate at a flat 21% for any UBTI over the $1,000 standard deduction. Caution: These changes will make some nonprofit organizations pay federal tax that have never been taxpayers in the past.

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IRS Announces New Pilot “Pre-Audit” Compliance Program for Retirement Plans

On June 3, 2022, the IRS announced a new pilot pre-examination compliance program for retirement plans beginning in June 2022. Under the new program, the IRS will send letters to plans advising them that they have been selected for an examination and will have a 90-day window to self-review the plan’s documentation and operation to […]

DOL Form T-1

Update: The OLMS will not seek to enforce the filing of the Form T-1 for one year from the original due date. Office of Labor-Management Standards (OLMS) published a final rule on May 30, 2019 establishing a Form T–1 Trust Annual Report which requires annual reporting by Form LM-2 filing labor organizations on financial information […]

American Rescue Plan Act - Information for Labor Unions and Benefit Funds

On March 11, 2021 the American Rescue Plan Act became law. It makes important changes to relief available for Labor Unions and Benefit Funds. Please see our bulletin for additional information. ARPA Bulletin