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 until the due date of your individual tax return, plus extensions, to rollover those amounts to another plan or IRA.
- Roth recharacterizations – You can no longer recharacterize amounts rolled over to a Roth IRA from other retirement plans, such as 401(k) or 403(b) plans, or a conversion from a traditional IRA, SEP or SIMPLE to a Roth IRA.
- Tax reform imposes a 1.4 percent excise tax on the investment income of certain educational institutions.
- An exempt organization with more than one unrelated trade or business must calculate unrelated business taxable income separately for each trade or business.
- Tax reform repealed the authority to issue tax-credit bonds and direct-pay bonds.
- The IRS will not process applications for, or issue allocations of, the remaining unused authority to issue new clean renewable energy bonds.
Visit IRS.gov/taxreform often for the latest updates, guidance and FAQs issued for the Tax Cuts and Jobs Act.