09/05/2018

Three Top Tax Concerns Still Facing Charity Sector

New IRS reporting requirements lack clarity, practitioners say

Nonprofit groups are still clamoring for the IRS to provide clarity on the new taxes and reporting requirements imposed by the 2017 tax law.

The tax overhaul (Pub. L. No. 115-97) included a multitude of provisions that have kept nonprofit tax lawyers and academics on their toes in 2018. Practitioners, many of whom see the law as having squeezed the charitable sector to pay for other provisions, have expressed concern about unprecedented financial and compliance burdens on charities. Another concern is the burden put on the Internal Revenue Service, which may be prioritizing work on regulations that focus on other areas of the tax code, given the agency’s limited bandwidth.

With three months left in the calendar year, practitioners shared their top concerns about provisions with which the charity sector must deal.

Please select this link to read the complete article from Bloomberg Law.