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IRS resource, new tax law measures for exempt organizations

New U.S. tax law measures for exempt organizations

The IRS today announced the availability of a new “tax reform webpage”—where the focus will be on guidance about exempt organization provisions added to the Code by the new U.S. tax law (Pub. L. No. 115-97).

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The new IRS webpage includes a section highlighting how the new tax law measures affect retirement plans, tax-exempt organizations, and tax-advantaged bonds. Materials posted for tax-exempt organizations include:

  • Notice 2018-55—read TaxNewsFlash—providing guidance on the new excise tax imposed on the investment income of certain educational institutions (section 4968)

  • Notice 2018-67—read TaxNewsFlash—providing guidance for exempt organizations on the new requirement that unrelated business taxable income (UBTI) be separately calculated for each trade or business (section 512(a)(6)). 

Tax-exempt organizations can expect that future guidance on provisions enacted as part of the new tax law will be posted to the webpage as it becomes available.

 

For more information, contact a tax professional with KPMG’s Washington National Tax practice:

Preston Quesenberry | +1 202 533 3985 | pquesenberry@kpmg.com

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