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What Every Exempt Organization Should Know About Tax Reform
"What Every Exempt Organization Should Know About Tax Reform"
John Huskins
FAR welcomed John Huskins, Principal at Johnson and Lambert, to the April 18 luncheon program. Offering 14 years' experience providing tax services to nonprofits, Mr. Huskins provided a close-up look at the provisions of the Tax Cuts and Jobs Act of 2017 as they apply to our 501(c)(3) and 501(c)(6) organizations. Using questions submitted by attendees at registration and questions raised during the presentation, John gave detailed explanations and offered examples for the new way to calculate unrelated business income, for the provisions of the qualified transportation fringe benefit and for calculating excise tax on executive compensation. As many of the attendees have offices in Washington, DC, his information and suggestions regarding transportation fringe benefits as they relate to Metro passes, parking fees, and transportation in a commuter vehicle were particularly relevant.
John noted that the specifics of many of the provisions of the Act are not yet clear and expects that arguments will be put forward in test cases as the implementation continues. He suggested that the outcomes of these cases will be based on what will be considered as equitable.
To see John's slides with details and examples, FAR members can click here.
FAR April Luncheon Highlights
(L to R) FAR Chair Tom Harlow and Frank Whetsell, both from Conference of State Bank Supervisors, with nonprofit guest Michelle Tillerand Jessica Lamb, both from CropLife America.
(L to R) Julien Bois, JustinBradley, and members and guests from District of Columbia Bar: Shoushu Chen, Querry Raobelina, Bev Chin, and Margarita Lorenzetti
Welcome to our newest Nonprofit Member Beth Esquerre,
American Society for Cell Biology
Les Irby, Rembert Pendleton Jackson, (left) and his guest Rick Schneider, National Center for Family Philanthropy
(L to R): David Keen, American Psychiatric Association, Sarah McConnell and Paul Preziotti, Johnson Lambert LLP, and guest Becky Haight, HR Certification Institute.
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