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IRS Issues UBIT Siloing Guidance

As described in my prior post, under revisions to Section 512 of the Code, taxpayers may no longer offset unrelated trade or business losses from one trade or business against income or gains from another trade or business.

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IRS Changes Donor Disclosure Requirements for Non-Charitable Exempts

On July 16th, the IRS issued controversial guidance eliminating the requirement for non-charitable exempt organizations to report the names of contributors on their tax returns.

The guidance is the end, for now, of a simmering political controversy relating to information available to the government regarding “dark money” and donations to non-charitable exempt organizations.    

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Mark to Market Guidance Issued for College and University Investment Excise Tax

Under the Tax Cuts and Jobs Act, colleges and universities with endowments over $500,000 per student are now required to pay a 1.4% excise tax on investment earnings. 

The IRS has now provide guidance that will take a bit of the bite out of this new tax -- at least at first.

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IRS Introduces TEOS Platform

On May 7th, the IRS introduced a new platform that will allow access to tax-exempt organizations’ public information more quickly and easily (See IRS-2018-116.) The Tax Exempt Organization Search (TEOS) replaces the old platform, EO Select Check. On TEOS, images of Form 990 recently filed will be available for the first time.

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Executive Compensation Limits: Do they Apply to Public Colleges and Universities?

Under the Tax Cuts and Jobs Act, a new excise tax applies to compensation in excess of $1 million paid to any of the five most highly-compensated employees of an exempt organization as well as certain separation payments made to these individuals (roughly equal to three times base salary).   It’s unclear, however, whether these apply to public colleges and universities.

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