New Tax Law Could Affect Not-for-Profits
The historic tax reform bill approved by Congress expected shortly to be signed into law by President Trump — the “Tax Cuts and Jobs Act Bill” — will affect almost all individual and corporate taxpayers beginning in 2018. Not-for-profit organizations, as well, may be affected, though the actual impact is difficult to determine at this point. Many charitable organizations fear that the tax law changes will negatively impact much-needed revenue streams, both from individual contributions and government subsidies, potentially hurting non-profits, particularly those located in high state and local tax areas, including New York.
We outline in this e-newsletter some of the changes which may impact not-for-profit entities.