Tax Cuts and Jobs Act - Exempt Organizations - For the 2020 Tax Year (Course Id 1727)

Taxes - Taxes for Course Id 1727

The Tax Cuts and Jobs Act of 2018 was a significant change to the US tax code. The Tax Cuts and Jobs Act is organized into four primary sections of: Individual Tax Reform, Business Tax Reform, Exempt Organizations and International provisions. This is an updated course for 2020 that will provide a thorough review of the Exempt Organizations portion of the Tax Cuts and Jobs Act Bill (H.R.1.) and it also includes the provisions that have changed for 2020 for exempt organizations. Part 1 of this course will provide a summary description of all provisions referenced in the Tax Cuts and Jobs Act for the Exempt Organizations section. It will identify which sections changed for 2018 and which were updated for 2020. Each provision will reference a more detailed description of the provision in Part 2 of this course.  The detailed description will review the pre-2018 law, provide a detailed description of the changes for 2018, and identify the effective date that the provision became effective.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1727

Course Learning Objectives

• Review the Exempt Organizations provisions to identify which sections changed for 2018 and which were updated for 2020;
• 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 Jobs Act - Exempt Organizations

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

Review Questions

Glossary