Article Archives: Jennifer Becker Harris

On April 23, 2020, the IRS issued the proposed regulations on the unrelated business taxable income (UBTI) siloing rules required under the Tax Act of 2017 and section 512(a)(6) of the Internal Revenue Code. Exempt organizations with multiple unrelated trades or businesses have been eagerly awaiting the guidance as it helps define the extent to […]

On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020. The bill will, in effect, create a flat net investment income (NII) excise tax rate of 1.39% for private foundations. Context Most private foundations are subject to an excise tax on NII, which includes interest, dividends, rents, royalties, payments pertaining to certain […]

By Jennifer Becker Harris, CPA The last thing many nonprofit leaders want to see is a media article that depicts their charity in a negative light. The vast majority of charities work hard to be in compliance at both the state and federal levels, as their nonprofit corporation and tax-exempt status is an integral piece […]

By Jennifer Becker Harris, CPA New international tax developments over the last six months will affect U.S. charities and provide welcomed relief in some areas and added compliance in others. The following is a summary. Passive Foreign Investment Companies (PFICs) What is a PFIC? A foreign corporation is a PFIC if: 75% or more of […]

By Jennifer Mace, CPA and Jennifer Becker Harris, CPA U.S. charities are now more than ever diversifying their investment portfolios to include foreign investments, especially foreign program-related investments. They are also offering services on the ground in foreign countries with essential charitable programs. Most charities are aware of the foreign bank account reporting obligations for […]

By Jennifer Becker Harris, CPA Great news! A local company has chosen your charity as the beneficiary of an upcoming sales campaign. The promotion promises a $1 donation to your charity for each unit sold. The company estimates your charity will receive $100,000 as part of the promotion. Your charity’s name will be used prominently […]

By Sarah Huang, CPA and Jennifer Becker Harris, CPA Charities that invest in alternative investments are not immune to the many income, excise, and foreign tax consequences related to the complex investments. A tax-exempt status for U.S. federal tax purposes does not equate to exemption from all taxes. For instance, if the alternative investment creates […]

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