Tax Cuts and Jobs Act - Exempt Organizations - For the 2018 Tax Year (Course Id 1416)

Taxes - Taxes for Course Id 1416

The Tax Cuts and Jobs Act will dramatically change the US tax code in 2018. The 2018 Tax Cuts and Jobs Act is organized into four primary sections of: Individual Tax Reform, Business Tax Reform, Exempt Organizations and International provisions. This Tax Cuts and Jobs Act course will provide a thorough review of the Exempt Organizations portion of the Tax Cuts and Jobs Act Bill (H.R.1.). Part 1 of this course will provide a summary description of all provisions referenced in the Exempt Organizations section of the Tax Cuts and Jobs Act. It will identify which sections changed and which remained the same. Each provision will reference a more detailed description of the provision in Part 2 of this course. The detailed description will review the current law, provide a detailed description of the change and identify the effective date that the provision will become effective.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1416

Course Learning Objectives

• Review the Exempt Organizations Tax Reform provisions and identify the provisions that have been changed and the provisions that were not changed with the Tax Cuts and Jobs Act;
• Identify where to find more information about each provision; and
• Identify the effective date for all individual tax provisions in the Tax Cuts and Jobs Act.

Chapter 1 - Tax Cuts and Job Act - A Comprehensive Review

Course Learning Objectives

Introduction

EXEMPT ORGANIZATIONS

A. Unrelated Business Income Tax

1. Clarification of unrelated business income tax treatment of entities exempt from tax under section 501(a)

2. Exclusion of research income from unrelated business taxable income limited to publicly available research

3. Unrelated business taxable income separately computed for each trade or business activity

B. Excise Taxes

1. Simplification of excise tax on private foundation investment income

2. Private operating foundation requirements relating to operation of an art museum

3. Excise tax based on investment income of private colleges and universities

4. Provide an exception to the private foundation excess business holdings rules for philanthropic business holdings

C. Requirements for Organizations Exempt From Tax

1. Section 501(c)(3) organizations permitted to make statements relating to political campaign in ordinary course of activities in carrying out exempt purpose

2. Additional reporting requirements for donor advised fund sponsoring organizations

Chapter 1 Review Questions

Glossary