On December 22, 2017, President Trump signed a new tax bill into law, informally referred to as the Tax Cuts and Jobs Act (the “Tax Act”). Several changes in the Tax Act relate to charitable giving and tax-exempt organizations, including new unrelated business income tax (UBIT) rules, changes to charitable deductions, and new excise taxes that may affect your grantees. Several provisions relating to tax-exempt organizations were ultimately dropped from the Tax Act.
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