What the Tax Cuts and Jobs Act Means for Nonprofits and Best Practices to Prevent Financial Misconduct
This year, MA nonprofits face significant legal challenges to be in compliance with new sets of federal and Massachusetts laws. This program will address to the new IRS rules nonprofits need to comply with and those with the calendar year as their fiscal year will have to do so by April 15. The Tax Cuts and Jobs Act has enacted widespread changes to the tax rules affecting nonprofit organizations.
Our presenter Josh England of AAFCPAs will lead a presentation on the following changes that are especially noteworthy: (1) a 21% excise tax on executive compensation exceeding $1 million; (2) UBTI must be computed separately for each unrelated trade or business; (3) disallowed fringe benefits are now UBTI including any qualified transportation fringe; any parking facility used in connection with qualified parking; and any on-premises athletic facility; (4) Private colleges and universities with significant endowments will be subject to new 1.4 % excise tax. In addition, he will speak on provisions that impact donors and the tax benefits they may receive from making a charitable contribution.
Our second presenter John Buckley also of AAFCPAs will discuss the best practices to prevent financial misconduct which remains an enormous risk for nonprofits of any size including fraud warning signs.
Come learn the new federal laws to avoid being blindsided when Form 990 is due and the practical tips as to how to avoid to create a situation where financial misconduct could be perpetrated and how to spot any red flag.
This seminar is a joint project of the Lawyers Clearinghouse and Boston Private with pro bono support of AAFCPAs.