Spring 2018 issue of Horizons

∙ Additional reporting requirements for sponsoring organizations of donor- advised funds (DAFs), regarding grants made from DAFs ∙ Updates to the intermediate sanctions rules – including the elimination of the rebuttable presumption standard – and expanding rules to different types of not- for-profit organizations ∙ Additional exceptions to the private foundation IRC section 4943 excess business holdings tax for certain business enterprises solely owned by the private foundation

∙ Prohibition of tax-exempt status for professional sports leagues

∙ Elimination of tax-exempt bond financing for public charities ∙ Changes to the private foundation 1%/2% excise tax on net investment income to a flat 1.4% tax Additional guidance from the IRS is expected as we work through understanding all of the direct and indirect effects this Act will have on tax-exempt organizations.

NOT-FOR-PROFIT SERVICES GROUP

As a recognized leader in the not-for-profit sector, we have the resources essential to serve arts and cultural organizations, foundations, private schools, religious organizations, social service agencies and trade and membership associations. For more information, visit www.RubinBrown.com/NFP .

Amy Altholz, CPA, CGMA Partner-In-Charge Not-For-Profit Services Group 314.290.3369 amy.altholz@rubinbrown.com

Sharon Latimer, CPA Partner & Vice Chair Not-For-Profit Services Group 816.859.7907 sharon.latimer@rubinbrown.com

Judy Murphy, CPA, CGMA Chairman & Partner Not-For-Profit Services Group 314.290.3496 judy.murphy@rubinbrown.com

Mary Kay Lofgren, CPA Partner & Vice Chair Not-For-Profit Services Group 314.290.3475 mary.kay.lofgren@rubinbrown.com

Brent Stevens, CPA, CGMA Partner-In-Charge Colleges & Universities Services Group 314.290.3428 brent.stevens@rubinbrown.com

Kim Ryan, CPA, JD, LL.M Partner & Vice Chair Not-For-Profit Services Group 303.952.1208 kim.ryan@rubinbrown.com

Spring 2018

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