Skip to main content

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

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.

For more information see our client bulletin:

Bulletin

Popular posts from this blog

Preventing business identity theft: 5 tips

Identity theft isn’t just a consumer problem. Criminals steal the identities of businesses, too. In addition to filing fraudulent tax returns, criminals assume the identities of companies to apply for credit, impersonate authorized users and empty bank accounts. Here are five ways you can reduce the chance it will happen to your business.

1. Protect confidential documents

Secure sensitive paper documents such as financial statements, invoices, bank statements and aging schedules in locked file cabinets. Store digital files in secure, password-protected locations.

2. Shred documents you no longer need

When you no longer need sensitive paper documents, destroy them using a cross-cutting shredder. If you need to shred a significant volume of paper, hire a service to destroy documents on your premises.

3. Don’t drop your guard online

Thieves use malware to infect computers and gather sensitive data. They also create fake websites that trick employees into entering login and password i…

Even voicemail is susceptible to fraud

In a world of increasing exposure to online security threats, it’s nice to be able to rely on voicemail for risk-free communication. The problem is, you can’t. Your voicemail system can easily be hacked if you don’t take some precautions.

Passwords as passports

In the most common scheme, hackers figure out the passwords for voicemail boxes. Most frequently, they call numbers until they’re transferred to voicemail, and then try different combinations of numbers until they find the password. Once they’re in a voicemail box, they change the greeting to authorize collect or third-party calls.

In some cases, hackers use voicemail to enable lengthy, international conference calls. In others, they distribute the compromised phone numbers to friends and relatives overseas. These individuals can then call the United States, asking that the calls be billed to their “home” numbers. Because such calls are typically placed at times when voicemail is likely to pick up, such as weekends and holid…