Reposted from our charity law blog.
The IRS has launched an easy-to-use webpage, IRS.gov/taxreform, with information about how the Tax Cuts and Jobs Act affects your taxes, with a special section focused on tax exempt entities.
The tax reform page features three areas designed specifically for:
- Individuals – For example, standard deduction increase, child tax credit, withholding. Use the Withholding Calculator to make sure you’re withholding enough tax from your paycheck.
- Businesses – For example, depreciation, expenses and qualified business income deductions.
- Tax Exempt Entities – For example, tax reform affecting retirement plans, tax-exempt organizations and governments.
Under the Tax Exempt Entities tab, you’ll find highlights of how tax reform affects retirement plans, tax-exempt organizations and tax-advantaged bonds.
- Rollovers of retirement plan loan offsets – If your plan offsets an outstanding loan balance when you leave employment, you have