TAX POLICY & CHARITABLE GIVING
|
|
- Theodore Hodge
- 5 years ago
- Views:
Transcription
1 TAX POLICY & CHARITABLE GIVING October 5, 2017 Joyce Dulworth, CPA Partner Una Osili Associate Dean for Research & International Programs Lilly Family School of Philanthropy 1
2 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete group attendance form with Title & date of live webinar Your company name Your printed name, signature & address All group attendance sheets must be submitted to training@bkd.com within 24 hours of live webinar Answer polls when they are provided If all eligibility requirements are met, each participant will be ed their CPE certificates within 15 business days of live webinar LILLY FAMILY SCHOOL OF PHILANTHROPY Formerly the Center on Philanthropy, founded in 1987 Became a school in 2011 Recognized leader in research, education & training Increases understanding of philanthropy & improves its practice worldwide Currently core faculty & 40 affiliate faculty in more than 20 fields Strategic partnerships with IU School of Public & Environmental Affairs & School of Liberal Arts Core program areas Academic Programs The Fund Raising School (TFRS) Lake Institute on Faith & Giving Women s Philanthropy Institute Research International Programs 2
3 PRESENTATION OUTLINE Overview & background on charitable giving Proposed tax policy changes impacting donors Findings about the impact of the tax proposals on charitable giving Summary research conclusions Other proposed tax changes impacting NFPs Conclusion Overview & Background 3
4 HISTORY OF THE CHARITABLE DEDUCTION 1917: creation of charitable gift deduction on taxable income Introduced four years after beginning of modern income tax 1940: income tax expanded to 75% of population : above-the-line charitable deduction Source: Giving USA Foundation GIVING USA 2017 GIVING USA 2017: 2016 CONTRIBUTIONS BY SOURCE* $390.1 billion donated $281.9 billion donated by individuals 81.8% of total giving by individuals contributed by itemized giving *In billions of dollars all figures are rounded Source: Giving USA Foundation GIVING USA
5 CHANGE IN HIGH-NET-WORTH HOUSEHOLD GIVING IF INCOME TAX DEDUCTIONS OR ESTATE TAX WERE ELIMINATED If you & your family received no income tax deductions for charitable giving, would your household charitable giving increase, decrease or stay the same? If the estate tax were permanently eliminated, meaning your estate would not be taxed after you died, would the amount you left to charity in your estate plan increase, decrease or stay the same? % % % 48.3% % 24.2% 30.8% 8.7% 9.2% 1.0% 2.1% 0.3% 0.4% 2.2% 2.1% 1.6% 2.5% 16.9% 17.9% 6.3% Dramatically decrease Somewhat decrease Stay the same Somewhat increase Dramatically increase Dramatically decrease Somewhat decrease Stay the same Somewhat increase Dramatically increase Source: The 2016 U.S. Trust Study of High Net Worth Philanthropy Report Proposed Tax Policy Changes 5
6 GOALS FOR POLICY REFORM Reduce the tax burden on individual households without a significant decrease in tax revenue On all households On lower-income households Simplify the federal tax code Incentivize charitable giving Criteria used to evaluate & compare tax reform proposals (GAO, 2016) Fairness Efficiency Simplicity Transparency Administrability PROPOSED TAX POLICY CHANGES Standard Deduction Tax Brackets Charitable Deduction Current Law (2016) $6,300 (individuals); $12,600 (joint filers) 10%, 15%, 25%, 28%, 33%, 35%, 39.6% Camp Proposal $11,000 (individuals); $22,000 (joint filers) 10%, 25%, 35% White House Proposal $12,600 (individuals); $24,000 (joint filers) 10%, 25%, 35% House Tax Reform Blueprint $12,000 (individuals); $24,000 (joint filers) 0%/12%, 25%, 33% Unified Framework $12,000 (individuals); $24,000 (joint filers) 12%, 25%, 35% Itemizers only Itemizers only Itemizers only Itemizers only Itemizers only 6
7 Findings About Impact of Tax Proposals on Charitable Giving CURRENT STUDY Using data from the Panel Study of Income Dynamics (PSID) & the Philanthropy Module, we calculated the responsiveness of households to changes in tax policy Using the American Enterprise Institute s Tax-Calculator, we simulated proposed changes in tax policy to estimate the effects on charitable giving & tax revenue 7
8 Part One: Estimating Household Responsiveness to Giving PANEL STUDY OF INCOME DYNAMICS Largest & longest running longitudinal household survey in the world Longitudinal household data set following the same families & their decedents from Philanthropy Panel Study (PPS), the philanthropy module of the PSID, collects data on household giving (available ) 8
9 KEY CONCEPTS: TAX-PRICE ELASTICITIES & NONITEMIZER GIVING Challenges Tax policy analysis often relies on IRS data, which does not include data on giving by nonitemizers Solutions The PSID includes giving by nonitemizers which allows us to estimate average giving by nonitemizers Previous analyses often rely on assumed elasticities for the effect of tax price on giving (-0.5 & -1.0) Using the PSID, we can calculate price-tax elasticities for each income group DONATIONS ARE RESPONSIVE TO CHANGES IN TAX POLICY Tax-price elasticity of giving: degree donations change in response to changes in tax policy Calculating the price of giving For itemizers, the after-tax cost or price of giving a $1 donation is estimated as one minus the taxpayer s maximum marginal tax rate (MTR) Price of giving $1 = 1 MTR Example (marginal tax rate = 25%): Price of giving $1 = = $0.75 Calculating the tax-price elasticity Elasticity = % change in donations % change in price of giving 9
10 TAX-PRICE ELASTICITY OF GIVING Example: if a nonitemizer would normally donate $100, what is the expected donation if the tax filer were to switch from nonitemization to itemization status with a marginal tax rate of 25% holding all other assumptions constant? Percentage change in price of giving = 25% Elasticity Donation if nonitemizer (tax price = 1) Donation if itemizer with MTR = 25% (tax price = $0.75) Change in Charitable Giving % Change in donations 1* $100 $125 $25 25% 0.5 $100 $ $ % 0** $100 $100 $0 0% 1 $100 $75 $25 25% 1.44*** $100 $136 $36 36% AVERAGE GIVING & ELASTICITIES Using PSID data to construct a panel data set of households with several years of information for each household, we could estimate income dependent elasticities Income Bracket Percentage of Nonitemizers Nonitemizer Average Giving Elasticity <$50, % $ $50,000 99, % $ $100, % $1,
11 Part Two: Simulating Proposed Tax Policy Changes TAX-CALCULATOR Partnered with the Open-Source Policy Center (OSPC) at American Enterprise Institute (AEI) to use their Tax-Calculator Microsimulation model to simulate proposed changes in tax policy The Tax-Calculator simulates the U.S. federal individual income tax. In conjunction with microdata that represent the U.S. population (IRS PUF) & a set of behavioral assumptions, the Tax-Calculator can be used to conduct revenue scoring & distributional analyses of tax policies Additional modifications have been made to the Tax-Calculator for this project in order to incorporate data available from the PSID but not the IRS, such as nonitemizer giving & newly calculated tax-price elasticities of giving Used data from the Internal Revenue Service Statistics of Income Public Use File, 2009 * * 2009 is the most recently available data set 11
12 TAX POLICY Six policy scenarios examine various combinations of three major policy changes Increasing the value of the standard deduction to $11,000 for individuals & $22,000 for married couples Extending the charitable deduction to nonitemizers & Decreasing the highest marginal tax rate to from 39.6% to 35% Increased value of the Standard Deduction* Extension of Charitable Deduction Decrease in highest marginal tax rate to 35% Current Law N/A N/A N/A Scenario 1 Yes No No Scenario 2 No Yes No Scenario 3 No No Yes Scenario 4 Yes No Yes Scenario 5 Yes Yes No Scenario 6 Yes Yes Yes *$11,000 for individuals; $22,000 for joint filers SCENARIO 1: INCREASE IN STANDARD DEDUCTION -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% Charitable Giving 3.9% $11.0 billion Charitable Giving -6.90% -2.67% -3.28% Tax Revenue % -5.20% -0.85% Total Revenue 2.3% $64.2 billion Under $50,000 $50,000-$99,999 $100,000 12
13 SCENARIO 2: EXTENDED CHARTABLE DEDUCTION -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% Charitable Giving 4.3% $12.2 billion Charitable Giving 1.55% 8.37% 8.38% Tax Revenue -1.57% -1.06% -0.23% Total Revenue 0.47% $13.1 billion Under $50,000 $50,000-$99,999 $100,000 SCENARIO 3: DECREASE IN TOP MARGINAL TAX RATE -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% Charitable Giving 0.75% $2.1 billion Charitable Giving -1.25% 0.00% 0.00% Tax Revenue -1.14% 0.00% 0.00% Total Revenue 0.86% $24.1 billion Under $50,000 $50,000-$99,999 $100,000 13
14 SCENARIO 4: INCREASE IN STANDARD DEDUCTION & DECREASE IN TOP MARGINAL TAX RATE -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% Charitable Giving 4.6% $13.1 billion Charitable Giving -6.90% -4.52% -2.67% Tax Revenue % -5.20% -1.99% Total Revenue 3.2% $88.2 billion Under $50,000 $50,000-$99,999 $100,000 SCENARIO 5: INCREASE IN STANDARD DEDUCTION & EXTENDED CHARITABLE DEDUCTION -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% Charitable Giving 2.5% $7.0 billion Charitable Giving -0.07% 5.30% 7.25% Tax % Revenue -6.66% -1.23% Total Revenue 2.9% $82.2 billion Under $50,000 $50,000-$99,999 $100,000 14
15 SCENARIO 6: INCREASE IN STANDARD DEDUCTION, EXTENDED CHARITABLE DEDUCTION & DECREASE IN TOP MARGINAL TAX RATE -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% Charitable Giving 1.7% $4.8 billion Charitable Giving Tax -1.34% 5.30% 7.25% % Revenue -6.66% -2.37% Total Revenue 3.8% $106.1 billion Under $50,000 $50,000-$99,999 $100,000 SUMMARY Total Household Charitable Giving Total Federal Income Tax Revenue Net Difference (Charitable Change + Revenue Change) Universal charitable deduction (only) 4.3% -0.5% -0.03% Republican proposals (Standard deduction + 35% tax rate) -4.6% -3.2% -3.6% Republican proposals + universal charitable deduction 1.7% -3.8% -3.6% 15
16 LIMITATIONS Assumption: nonitemizers will share a tax-price of giving elasticity with itemizers in their same income category Endogeneity: tax-price is directly linked to giving Reliance on 2009 data in the IRS PUF (this is the most recently available data) PSID is not representative of the top 2 3% SUMMARY RESEARCH CONCLUSIONS & IMPLICATIONS A 35% tax rate & an increased standard deduction would reduce charitable giving by $13 billion Adding an expanded charitable deduction would increase charitable giving by $4.8 billion This shows the importance of considering the impact on giving & the not-for-profit sector as part of tax & fiscal policy decisions 16
17 Other Proposed Tax Changes Impacting NFPs OTHER TAX PROPOSALS IMPACTING NFP ENTITIES Unrelated business income Reduced corporate income tax rate Raise $1,000 UBI exemption to $10,000 Tax royalty payments from licensing an organization s name or logo Tax certain corporate sponsorship payments as advertising Disallow offsetting UBI losses against UBI gains bucketing 17
18 OTHER TAX PROPOSALS IMPACTING NFP ENTITIES Charitable giving Repeal 80/20 rule for gifts that provide athletic seating Restrictions on gifts to permanent endowments Donations limited to basis on certain noncash gifts IRA rollovers to charities Expand age limit Expand allowable beneficiaries such as donor advised funds Claim charitable deductions up to April 15 OTHER TAX PROPOSALS IMPACTING NFP ENTITIES Private foundations flat rate for excise tax on net investment income College & university endowments Tuition remission Eliminate the rebuttable presumption test for compensation Tax-exempt bond restrictions on 501(c)(3) entities Repeal of the Johnson Amendment 18
19 OTHER TAX PROPOSALS IMPACTING NFP ENTITIES Planning considerations For donors unknown impact for 2018 so consider gifting in 2017 Focus on nontax benefits of gifting Stay in communication with donors Estate tax repeal may be unrepealed Review sources of UBI & determine impact Calculate impact on your charitable gifts given the research findings Stay current with industry associations updates QUESTIONS? 19
20 BKD, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: The information contained in these slides is presented by professionals for your information only & is not to be considered as legal advice. Applying specific information to your situation requires careful consideration of facts & circumstances. Consult your BKD advisor or legal counsel before acting on any matters covered CPE CREDIT CPE credit may be awarded upon verification of participant attendance For questions, concerns or comments regarding CPE credit, please the BKD Learning & Development Department at training@bkd.com 20
21 THANK YOU! FOR MORE INFORMATION Una Osili Associate Dean for Research & International Programs Lilly Family School of Philanthropy Joyce Dulworth, CPA BKD, LLP 21
Tax Reform Research Ad Hoc Tax Group University of Notre Dame October 4, 2017
Tax Reform Research Ad Hoc Tax Group University of Notre Dame October 4, 2017 1 Agenda I. Research Purpose II. Research Design III. Findings a. Chapter 1: Universal Charitable Deduction b. Chapter 2: Republic
More informationTax Cuts & Jobs Act of 2017
Tax Cuts & Jobs Act of 2017 What Exempt Organizations Need to Know BIG CHANGES AHEAD FOR EXEMPT ORGANIZATIONS DECEMBER 20, 2017 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they
More informationTAX CUTS & JOBS ACT OF 2017
TAX CUTS & JOBS ACT OF 2017 Summary of Impact on Higher Education Institutions November 9, 2017 Joyce Dulworth, CPA Partner Nick Wallace, CPA Director 1 OVERVIEW On November 2, the House Ways & Means Committee
More informationTax Cuts & Jobs Act of 2017
Tax Cuts & Jobs Act of 2017 WHAT BUSINESSES & S NEED TO KNOW DECEMBER 19, 2017 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in
More informationANNUAL TAX UPDATE & 2014 FORM 990 CHANGES
THURSDAY MARCH 5, 2015 10 11 AM CENTRAL TIME ANNUAL TAX UPDATE & 2014 FORM 990 CHANGES Jessica Freeman Manager BKD, LLP jfreeman@bkd.com Wendy Budde Manager BKD, LLP wbudde@bkd.com TO RECEIVE CPE CREDIT
More informationCritical New Insights on Proposed Opportunity Zone Regulations NOVEMBER 7, 2018
Critical New Insights on Proposed Opportunity Zone Regulations NOVEMBER 7, 2018 To Receive CPE Credit Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in
More informationHow Do Your Hospital s Tax Stats Stack Up?
How Do Your Hospital s Tax Stats Stack Up? JANUARY 15, 2019 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader is the person who registered
More informationANALYSIS OF THE TAX CUTS AND JOBS ACT TAX REFORM S POTENTIAL IMPACT ON NONPROFITS As of December 20, 2017
EXEMPT ORGANIZATIONS ANALYSIS OF THE TAX CUTS AND JOBS ACT TAX REFORM S POTENTIAL ON NONPROFITS As of December 20, 2017 Impose an Excise Tax on Executive Compensation The conference bill proposes to impose
More informationCHARITABLE GIFTS - IMPROVING FINANCIAL & TAX REPORTING
CHARITABLE GIFTS - IMPROVING FINANCIAL & TAX REPORTING Joyce A. Dulworth, CPA Partner jdulworth@bkd.com Daniel J. Waninger, CPA Director dwaninger@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire
More informationANNUAL TAX UPDATE & FORM 990 CHANGES
ANNUAL TAX UPDATE & FORM 990 CHANGES May 2, 2017 Aaron Hershberger, CPA Director ahershberger@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are
More informationForensics Institute: Tax Reform s Effect on Valuations. May 16, 2018
Forensics Institute: Tax Reform s Effect on Valuations May 16, 2018 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader is the person
More informationWEALTH TRANSFER STRATEGIES FOR FAMILIES DECEMBER 13, 2018
WEALTH TRANSFER STRATEGIES FOR FAMILIES DECEMBER 13, 2018 To Receive CPE Credit Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete group
More information2016 Not-for-Profit Tax Year-End Review
The webcast will start at 1 p.m. Eastern Please note: Handout You can print or download the webcast handout at capincrouse.com/2016-nonprofit-tax-review CPE CPE certificates will be emailed to you within
More informationNONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION
NONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION MACPA Government and Not For Profit Conference April 17, 2015 Mike Sorrells, BDO USA, LLP National Director Nonprofit Tax Services Agenda Update
More informationNONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION
NONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION MACPA Government and Not For Profit Conference April 17, 2015 Mike Sorrells, BDO USA, LLP National Director Nonprofit Tax Services Agenda Update
More informationTax Reform Act of 2014
Provisions Affecting Exempt Organizations On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI-4) released his comprehensive tax reform proposal. Intended as a discussion draft
More informationREADY TO ROLL WITH THE NEW NFP REPORTING STANDARD? 7/19/2017. July 19, Dustin Haywood Director
READY TO ROLL WITH THE NEW NFP REPORTING STANDARD? July 19, 2017 Kieth McGovern Director kmcgovern@bkd.com Dustin Haywood Director dhaywood@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar
More informationBDO Annual Nonprofit Tax Update
BDO Annual Nonprofit Tax Update October 24, 2017 BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company BDO KNOWLEDGE limited by guarantee,
More informationPass-Through Considerations of Tax Reform
Pass-Through Considerations of Tax Reform JANUARY 23, 2018 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete group
More informationCamp Tax Reform Act of 2014 Provisions of Interest to Higher Education
Camp Tax Reform Act of 2014 Provisions of Interest to Higher Education Provision Details JCT Revenue Estimate (over 10 years) Other Relevant Legislation & Proposals Student & Family Education Tax Benefits
More informationLAST UPDATED JANUARY 5, 2018 WITH FINAL CONFERENCE AGREEMENT
PROVISIONS OF H.R. 1, THE TAX CUTS AND JOBS ACT AND PROVISIONS OF THE SENATE TAX CUTS AND JOBS ACT IMPACTING HIGHER EDUCATION (NOTE: ALL PROVISIONS WOULD BECOME EFFECTIVE JANUARY 1, 2018 UNLESS OTHERWISE
More informationHow Does Tax Reform Affect Real Estate Developers & Investors?
How Does Tax Reform Affect Real Estate Developers & Investors? FEBRUARY 20, 2018 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar
More informationIn the Wake of Catastrophe: Navigating Business Income Losses
In the Wake of Catastrophe: Navigating Business Income Losses Todd Burchett, CPA/ABV, ASA, CFF, CFE Partner tburchett@bkd.com Keith Seiffert, CPA, CFE Managing Consultant kseiffert@bkd.com October 11,
More informationTax Developments Affecting Exempt Organizations Where We Are Today With Tax Reform. Presented by: Gene J. Logan & Robin S. Murphy
Tax Developments Affecting Exempt Organizations Where We Are Today With Tax Reform Presented by: Gene J. Logan & Robin S. Murphy Agenda Where we are today in the process Thoughts and Observations on the
More informationThe impact of Tax Reform on the Not-For- Profit and Higher Education sectors
The impact of Tax Reform on the Not-For- Profit and Higher Education sectors Please disable pop-up blocking software before viewing this webcast January 4, 2018 CPE Reminders To receive CPE, you must be
More informationTax Reform Implications of the Tax Cuts and Jobs Act
Tax Reform Implications of the Tax Cuts and Jobs Act Tina Henton, CPA, Principal Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.
More informationNavigating Guidance on Grants & Contributions How ASU Is Impacting Not-for-Profit Entities
Navigating Guidance on Grants & Contributions How ASU 2018-08 Is Impacting Not-for-Profit Entities October 16, 2018 To Receive CPE Credit Individuals Participate in entire webinar Answer polls when they
More informationTax Reform s Effect on the Banking Industry
Tax Reform s Effect on the Banking Industry FEBRUARY 20, 2018 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete
More informationInsights & Planning Points from the Proposed 199A Regulations INSIGHTS & PLANNING POINTS AUGUST 22, 2018
Insights & Planning Points from the Proposed 199A Regulations INSIGHTS & PLANNING POINTS AUGUST 22, 2018 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided
More information12/19/2018 THOUGHTWARE. Financial Services THOUGHTWARE. Tax Reform Update. Income Tax Update for Financial Institutions
THOUGHTWARE Financial Services THOUGHTWARE Financial Services Tax Reform Update Income Tax Update for Financial Institutions December 20, 2018 1 To Receive CPE Credit Individuals Participate in entire
More informationTax Cuts and Jobs Act Update
Tax Cuts and Jobs Act Update INSIGHTS FOR BUSINESSES & INDIVIDUALS JUNE 14, 2018 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader
More informationCorporate Effect of Tax Reform
Corporate Effect of Tax Reform FEBRUARY 1, 2018 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete group attendance
More information9/25/2018 PLAN SPONSOR ESOP ACCOUNTING AN OVERVIEW
PLAN SPONSOR ESOP ACCOUNTING AN OVERVIEW September 26, 2018 1 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader is the person who registered
More informationTax Reform: Significant Changes to the Taxation Landscape for Taxexempt
Tax Reform: Significant Changes to the Taxation Landscape for Taxexempt Entities Focusing on the Tax Cuts and Jobs Act (H.R. 1) Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned
More informationKEY FINANCIAL METRICS & DASHBOARD REPORTING FOR HIGHER EDUCATION INSTITUTIONS 1/26/2016. January 26, Adam Smith Director
KEY FINANCIAL METRICS & DASHBOARD REPORTING FOR HIGHER EDUCATION INSTITUTIONS January 26, 2016 Jim Creeden Partner jcreeden@bkd.com Adam Smith Director asmith@bkd.com 1 TO RECEIVE CPE CREDIT Participate
More informationCharitable Contributions Update under the Tax Cuts and Jobs Act of
Charitable Contributions Update under the Tax Cuts and Jobs Act of 2017 JUNE 5, 2018 UNIVERSITY CLUB OF MILWAUKEE PRESENTED BY: WILLIAM MAYER, CPA Charitable Contributions Provide a brief overview of charitable
More informationU.S. Senate & House of Representatives Tax Cuts and Jobs Act. Proposals Relevant to Charitable Donors. December 14, 2017
U.S. Senate & House of Representatives Tax Cuts and Jobs Act Proposals Relevant to Charitable Donors December 14, 2017 Overview These charts review the tax proposals most relevant to charitable donors
More informationWashington Update. Alexander Reid Morgan, Lewis & Bockius LLP
Washington Update Alexander Reid Morgan, Lewis & Bockius LLP areid@morganlewis.com DC Is Talking Tax Reform The idea of tax reform is to get our economy going again, provide better, more economic growth,
More informationRevenue Recognition Considerations for Manufacturers & Distributors 6/27/2018. THOUGHTWARE Manufacturing & Distribution THOUGHTWARE
THOUGHTWARE Manufacturing & Distribution THOUGHTWARE Revenue Recognition Considerations for Manufacturers & Distributors Justin Roberts, CPA Partner jaroberts@bkd.com David Stotelmyer, CPA Managing Director
More informationMultiemployer Pension Plans Preparation for New Disclosures December 6, 2012
Multiemployer Pension Plans Preparation for New Disclosures December 6, 2012 Mark Prouhet, CPA Senior Manager St. Louis mprouhet@bkd.com To Receive CPE Credit Participate in entire webinar Answer polls
More informationThe Impact of the Tax Cuts and Jobs Act of 2017 on Tax Exempt Organizations. Presented by: Eugene J. Logan, CPA Ellen A.
The Impact of the Tax Cuts and Jobs Act of 2017 on Tax Exempt Organizations Presented by: Eugene J. Logan, CPA Ellen A. Martin, CPA CPE Reminders To receive continuing education credit, you must answer
More informationKPMG report: Tax reform for taxexempt organizations and donors
KPMG report: Tax reform for taxexempt organizations and donors December 6, 2017 Tax reform for tax-exempt organizations and donors A number of provisions in both the House and Senate tax reform proposals
More information2/25/2015 RESEARCH TAX CREDIT. R&D Credits for Software Development. R. Ashley Thompson Director
RESEARCH TAX CREDIT R&D Credits for Software Development February 26, 2015 R. Ashley Thompson Director athompson@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are
More informationPNC CENTER FOR FINANCIAL INSIGHT
PNC CENTER FOR FINANCIAL INSIGHT Responding to Tax Reform a Nonprofit Action Plan The new tax regime may have significant implications on charitable giving, creating a need for non-profit organizations
More informationTax Reform Implications for Higher Education
Tax Reform Implications for Higher Education Karen A. Gries, CPA, Principal Chastity Wilson, JD, LLM, CPA, Principal Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors,
More informationPNC CENTER FOR FINANCIAL INSIGHT
PNC CENTER FOR FINANCIAL INSIGHT Tax Reform and Philanthropy: Exploring Why and How You Give The new tax law will have sweeping implications on charitable giving, creating a greater urgency to examine
More informationInternational Tax & the TCJA for Strategic Alliance Firms
International Tax & the TCJA for Strategic Alliance Firms MAY 22, 2018 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader is the person
More informationHealth Care. A Focus on Financial Reporting. FASB Revenue Recognition for CHCs: 4/16/2018
Health Care FASB Revenue Recognition for CHCs: A Focus on Financial Reporting Helping Community Health Centers Understand the Changes Needed for Financial Statement Presentation & Disclosure Requirements
More informationCALL: (866) CODE:
Thanks for joining! We ll begin shortly. If you are having difficulty hearing through your computer speakers, call in directly: CALL: (866) 740-1260 CODE: 8315693 Tax Reform Implications for Nonprofits
More informationBundled Payments for Care Improvement Advanced Program Compliance. To Receive CPE Credit. Individuals. Groups
Bundled Payments for Care Improvement Advanced Program Compliance BKD National Health Care Group November 19, 2018 To Receive CPE Credit Individuals Participate in entire webinar Answer polls when they
More information2018 Tax Update for Exempt Organizations. Prepare for Change
2018 Tax Update for Exempt Organizations Prepare for Change Overview Changes from 2017 Tax Act Substantiation regulations What might happen next? 2 Unrelated Business Income (UBI) Unrelated Business Income
More informationCollege and University Tax Update. EACUBO Conference May 30, 2014
College and University Tax Update EACUBO Conference May 30, 2014 Changes to the 2013 Form 990 Sixth year for the revised Form 990 No significant changes, mostly clarifications Ongoing interest in compensation
More informationUnrelated Business Income Tax Matters
Unrelated Business Income Tax Matters Eugene J. Logan, Tax Shareholder Sarah R. Piot, Tax Senior Manager elogan@schneiderdowns.com (412) 697-5684 spiot@schneiderdowns.com (412) 697-5303 Exempt Organization
More informationAlan Taylor. Partner Bowling Green, KY BKD, LLP.
ESOPs: Creating a Legacy June 28, 2012 Alan Taylor Partner Bowling Green, KY BKD, LLP ataylor@bkd.com To Receive CPE Credit Participate in entire webinar Answer polls when they are provided If you are
More informationWebinar Series ESOPS: CONTINUING A LEGACY 10/31/2017. October 31, Cara Benningfield Partner
Webinar Series ESOPS: CONTINUING A LEGACY October 31, 2017 Cara Benningfield Partner cbenningfield@bkd.com Angela Fisher Manager afisher@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer
More informationInternational Tax & the TCJA
International Tax & the TCJA FEBRUARY 22, 2018 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete group attendance
More informationRevenue Recognition: Considerations for Technology & Software Companies
Revenue Recognition: Considerations for Technology & Software Companies JULY 25, 2018 To Receive CPE Credit Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader
More informationGovernment Affairs. The White Papers TAX REFORM.
Government Affairs The White Papers TAX REFORM www.independentagent.com January 3, 2018 Below is a summary of the provisions of the new tax reform law that are most likely to impact Big I members. This
More informationESOPs: Continuing a Legacy 10/30/2018. THOUGHTWARE Manufacturing & Distribution THOUGHTWARE. Cara Benningfield Partner Bowling Green
THOUGHTWARE Manufacturing & Distribution THOUGHTWARE ESOPs: Continuing a Legacy Cara Benningfield Partner Bowling Green 270.781.0111 Angela Fisher Managing Consultant Bowling Green 270.781.0111 November
More information2018 Options and Opportunities: Charitable Giving and the New Tax Rules
2018 Options and Opportunities: Charitable Giving and the New Tax Rules Page 1 Single filers (2018 2025): Joint filers (2018 2025): Page 2 In 2017, the standard deduction combined with the personal exemption
More informationTax Reform and Charitable Giving
University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Economics Department Faculty Publications Economics Department 28 Reform and Charitable Giving Seth H. Giertz University
More informationTAX CUTS & JOBS ACT DEVELOPMENTS
TAX CUTS & JOBS ACT DEVELOPMENTS P L A N N I N G F O R B U S I N E S S E S A N D I N D I V I D U A L S D E C E M B E R 1 2, 2 0 1 8 THE TAX CUTS & JOBS ACT AT A GLANCE BUSINESS PROVISIONS Reduced Tax Rates
More informationCGP Legislative Update. November 6, 2017
CGP Legislative Update November 6, 2017 House I N T R O D U C T I O N M A R K - UP F L O O R A C T I O N Individuals Creates individual tax brackets of 12%, 25%, 35%, and maintains 39.6% for higher-income
More informationBig Changes for Health Care Entities TA X C U T S & J O B S A C T O F
Big Changes for Health Care Entities TA X C U T S & J O B S A C T O F 2 0 1 7 OUR GOAL FOR TODAY Develop an awareness of the recent law changes that will affect healthcare organizations OUR GOAL FOR TODAY
More informationHealth Care. A Focus on Patient Service Revenue. FASB Revenue Recognition for CHCs: 4/10/2018
Health Care FASB Revenue Recognition for CHCs: A Focus on Patient Service Revenue Applying the 5-Step Model to the Traditional Patient Service Revenue Cycle of a Community Health Center April 10, 2018
More informationNew Tax Rules for 2018 What You Need to Know to Reduce Your Tax Burden
New Tax Rules for 2018 What You Need to Know to Reduce Your Tax Burden 1 The Sarian Group Key Takeaways from the Tax Cuts and Jobs Act of 2017 The new tax laws represent the most significant changes in
More informationTax Reform and Higher Education. Provision Prior Law Enacted Legislation (H.R. 1)
Tax Reform and Higher Education Provision Prior Law Enacted Legislation (H.R. 1) JCT Revenue Estimate 2018 2027 Student & Family Tax Benefits The AOTC is a credit for qualified education expenses paid
More informationESOPS: CONTINUING A LEGACY
ESOPS: CONTINUING A LEGACY November 19, 2015 Cara Benningfield, CPA Director cbenningfield@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing
More informationTax Cuts and Job Act of 2017
Tax Cuts and Job of 2017 Prepared by Office of Legislative Council and Joint Fiscal Office Enacted December 22, 2017. Makes major changes to three federal taxes: Personal Income, Corporate Income, and
More informationA Transfer Pricing Update BEPS & U.S. Tax Reform
A Transfer Pricing Update BEPS & U.S. Tax Reform JANUARY 17, 2018 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete
More informationTAX CUTS AND JOBS ACT SUMMARY
TAX CUTS AND JOBS ACT SUMMARY Mariner Retirement Advisors The Tax Cuts and Jobs Act ( TCJA ) was signed by President Trump on December 22, 2017. The Act makes sweeping changes to the U.S. tax code and
More informationTax Reform Legislation: Changes, Impacts, Planning Considerations
The following information and opinions are provided courtesy of Wells Fargo Bank N.A. Wealth Planning Update Tax Reform Legislation:, s, JANUARY 2018 Jay Messing, CFA, CFP Sr. Director of Planning Wells
More information2017 Tax Reform Bill. Education Provisions Impacting Schools, Colleges, Universities and Employers
2017 Tax Reform Bill Education Provisions Impacting Schools, Colleges, Universities and Employers Topic Bill s IRC s American Opportunity Tax Credit 1201 25A Combines the Hope and Lifetime Learning credits
More informationEnergy & Natural Resources
Energy & Natural Resources INTRODUCTION Revenue Recognition Considerations for Energy Companies August 8, 2018 1 To Receive CPE Credit Individuals Participate in entire webinar Answer polls when they are
More informationNOT-FOR-PROFIT INSIDER
NOT-FOR-PROFIT INSIDER VOLUME 12 :: ISSUE 2 In This Issue: Tax Reform Impact On Nonprofits New Revenue Recognition Standards For Nonprofits TAX REFORM IMPACT ON NONPROFITS The Tax Cuts and Job Act was
More informationCFMA WINTER 2018 CONFINDEX REPORT. Concern Grows Even As Economy Improves 1/24/2018. January 24, 2018
CFMA WINTER 2018 CONFINDEX REPORT Concern Grows Even As Economy Improves January 24, 2018 Stuart Binstock President & CEO Construction Financial Management Association (CFMA) sbinstock@cfma.org Tim Wilson
More informationEXEMPT ORGANIZATIONS & THE NEW TAX BILL Changes and implications you should understand
CLICK TO EDIT MASTER TEXT STYLES EXEMPT ORGANIZATIONS & THE NEW TAX BILL Changes and implications you should understand BARB MCGUAN Principal April 23, 2018 CLICK TO EDIT MASTER TEXT AGENDA STYLES FEDERAL
More informationYour Guide to EFFECTIVE GIVING After Tax Reform
Your Guide to EFFECTIVE GIVING After Tax Reform In December 2017 Congress enacted the most comprehensive tax law changes in more than 30 years. The goal of the legislation was to reduce taxes while simplifying
More information*Brackets adjusted for inflation in future years Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationUniversity of California Tax Reform Analysis
University of California Tax Reform Analysis H.R. 1, the Tax Cuts and Jobs Act, and the Senate version of the Tax Cuts and Jobs Act both include numerous changes to the U.S. Tax Code that will have a negative
More informationSuccession & Estate Planning Opportunities: Creating a Company Legacy
Succession & Estate Planning Opportunities: Creating a Company Legacy Presented by: Patricia Quintana-Perron, CPA, CHBC, CFP, PFS Cara Benningfield, CPA May 12, 2011 To Receive CPE Credit Participate in
More information3.1 Program manager: The individual designated as the responsible person for a business activity, program, or project.
1.0 BACKGROUND AND PURPOSE The purpose of this policy is to ensure that the Colorado School of Mines ( Mines ) complies with all income tax regulations of the United States and State of Colorado. As a
More informationCharitable Giving & Taxes
Charitable Giving & Taxes 2 nd Annual St. Lawrence County Non-Profit Conference October 10, 2018 Presented By: Angela M. Gray, CPA Canton Office One Main Street, Canton, NY Phone: 315.386.2925 www.graycpas.com
More informationNonprofit Tax Update. September 22,
Nonprofit Tax Update September 22, 2016 BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company BDO KNOWLEDGE limited by guarantee, Webinar
More informationOperationalizing Lease Accounting Accounting, Legal & Financing Perspectives
Operationalizing Lease Accounting Accounting, Legal & Financing Perspectives Presented by December 4, 2018 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided
More informationDOCUMENTING FAIR MARKET VALUE & COMMERCIAL REASONABLENESS. Strategies for Success 11/8/2016. November 9, 2016
Strategies for Success DOCUMENTING FAIR MARKET VALUE & COMMERCIAL REASONABLENESS November 9, 2016 Randy Biernat, CPA/ABV Director rbiernat@bkd.com Neil Giannini, CPA/ABV Managing Consultant ngiannini@bkd.com
More informationTax Cuts and Jobs Act Key Implications for Individuals
Tax Cuts and Jobs Act Key Implications for Individuals Overview The 2017 Tax Reform legislation, the most significant federal tax law reform in over 30 years, was passed by both the House of Representatives
More informationIMPACT OF THE NEW TAX LAW ON NONPROFIT HOSPITALS AND HEALTH SYSTEMS OVERVIEW
Catherine E. Livingston Gerald Griffith Amy Bibby, CPA clivingston@jonesday.com ggriffith@jonesday.com amy.bibby@dhgllp.com 202-879-3756 312-269-1507 828-236-5797 313.230.7907 IMPACT OF THE NEW TAX LAW
More informationREFORMING CHARITABLE TAX INCENTIVES: ASSESSING EVIDENCE AND POLICY OPTIONS
REFORMING CHARITABLE TAX INCENTIVES: ASSESSING EVIDENCE AND POLICY OPTIONS Joseph Rosenberg and Eugene Steuerle November 15, 2018 The federal tax treatment of charitable giving and the nonprofit sector
More information2017 YEAR END PLANNING
WHITE PAPER 2017 YEAR END PLANNING CONSIDERATIONS IN LIGHT OF THE TAX CUTS AND JOBS ACT While there has been a lot of speculation about tax reform and changes that may be forthcoming, taxpayers must prepare
More informationFederal Tax Law Changes Affecting 501(c)(3) Nonprofits
Federal Tax Law Changes Affecting 501(c)(3) Nonprofits David Heinen North Carolina Center for Nonprofits Connect Learn Advocate Important Disclaimers If you can read this fine print, you are sitting too
More informationTrey Turnage, CPA Gordon Dobner, CPA
CECL Breaking Down the Final Standard July 27, 2016 Trey Turnage, CPA Partner tturnage@bkd.com Gordon Dobner, CPA Director gdobner@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls
More information*Brackets adjusted for inflation in future years.
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationTo Receive CPE Credit
Planning for the Future with BI360 Charles Allen Senior Managing Consultant BKD Technologies callen@bkd.com August 10, 2017 To Receive CPE Credit Participate in entire webinar Answer attendance checks
More informationSPECIAL REPORT. IMPACT. At this time, the framework is just a proposal. No legislative. IMPACT. If a tax reform package moves in Congress under the
Tax Briefing GOP s 2017 Tax Reform Framework September 29, 2017 Highlights Reduced and Consolidated Individual Tax Rates Elimination of Personal Exemptions 20% Corporate Tax Rate 25% Pass-through tax rate
More informationAccounting Topics & Trends for Technology & Software Companies
Accounting Topics & Trends for Technology & Software Companies NOVEMBER 14, 2018 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader
More informationRECENT DEVELOPMENTS AFFECTING TAX-EXEMPT ORGANIZATIONS
BEYOND THE 990 Recent Developments, Unrelated Business Income Tax and Other Taxes Affecting Nonprofit Organizations David S. Rosen, Esq., CPA RS&F MACPA 2012 Government and Not For Profit Conference April
More informationMiller Cooper Nonprofit Update
Miller Cooper Nonprofit Update February 2018 Susan R. Jones, CPA, MBA, Principal Steven R. Glover, CPA, JD, LLM, Principal 2017 Tax Legislation s Effect on a Tax-Exempt Organization Introduction As you
More informationTo Receive CPE Credit
May 14, 2014 I Purchased a Company... But What Did I Buy??? Rand Gambrell, CPA, ABV, CFE, CFF, CVA Director Forensics & Valuation Services rgambrell@bkd.com experience expertise // Elevate your understanding
More information2011 Tax Guide. What You Need to Know About the New Rules
2011 Tax Guide What You Need to Know About the New Rules Tax Guide 2011 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax situation is different. You
More information