Article Archives: Sarah Huang

Posted by: Sarah Huang

Now that a month has passed since President Trump signed the Tax Cuts and Jobs Act into legislation, the ripple effect of the changes is being felt.  The drop in corporate tax rates has a positive impact for many.  However, exempt organizations with outstanding tax-exempt bonds may be facing higher interest rates this year and […]

Posted by: Sarah Huang

Just because something is called a donation, doesn’t mean it yields a charitable donor tax deduction. In fact, many charities offer programs wherein participants are required to make a “donation” prior to partaking. When trying to determine whether a donor can claim this payment as a deductible charitable contribution, one must evaluate all the facts. […]

Posted by: Sarah Huang

By Sarah Huang, CPA On June 14, the House passed a bill prohibiting the requirement that Section 501(c) organizations must disclose their donors on Schedule B. Under current law, all organizations exempt under §501(c) must provide the IRS with a listing of any donor that gave $5,000 or more during the tax year. Some organizations qualify […]

Posted by: Sarah Huang

By Sarah Huang, CPA Last September, the IRS issued a proposed regulation indicating Treasury would implement a new form for charities to report donations to the IRS. This form would include personal donor information, including their Social Security number and address, so the IRS could match the form with the donor’s income tax return. After […]

Posted by: Sarah Huang

By Sarah Huang, CPA Ninety percent of schools had underreported taxable income according to the statistics from the IRS’s final report on the College and University Compliance Project released at the end of April; $170 million in adjustments were made to net operating losses (NOLs). Wages increased $36 million, netting $7 million in taxes and […]

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 […]

Posted by: Sarah Huang

By Sarah Huang, CPA It’s that time of the year. The phones are ringing with frantic calls from donors wanting receipts for prior year donations to support a deduction on their personal tax returns. If your charity is receiving these calls, be aware: the IRS has been taking a harsh approach over the past few […]

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