Tax-exempt organizations were not exempt from the impact of the 2017 law known as the Tax Cuts and Jobs Act. With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, president of the Pennsylvania-based firm Maher Duessel, explains four key provisions in the new tax law that have a significant effect on not-for-profits. Krisher also is a member of the AICPA Not-for-Profit Advisory Council. (Visit the AICPA Not-for-Profit Section to find more information on not-for-profit tax compliance topics.)

What you’ll learn from this episode:

• How the investment income of private colleges and universities is affected by the Sec. 4968 excise tax.
• How new Sec. 4960 addresses compensation for not-for-profit executives.
• The effect the new tax law has on unrelated business income tax and activities that require not-for-profits to pay taxes just as for-profit businesses would.
• The tax law’s elimination of deductions for certain fringe benefits, which increases unrelated business taxable income.

Play the episode below:

To comment on this podcast or to suggest an idea for another podcast, contact Ken Tysiac, the JofA’s editorial director, at Kenneth.Tysiac@aicpa-cima.com.