Understanding The IRS’ Tax Reform Webpage

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The Tax Cuts and Jobs Act affects individuals, businesses, tax exempt, and government entities.

The IRS Tax Reform information page and other resources are available to help taxpayers better understand the impacts from this major legislation. This page contains news, guidance, forms and instructions, and resources.

For example, the Tax Exempt & Government Entities page contains information regarding the following topics:

  • Retirement plans: Rollovers of Retirement Plan Loan Offsets, and Roth Recharacterizations.

  • Tax Exempt Organizations: Unrelated Business Taxable Income – more than one trade or business, and Excise Tax on Investment Income of Private Colleges and Universities.

  • Tax-Advantaged Bonds: Issue of New Tax-credit and Direct-pay Bonds Repealed, and Notice 2018-15, New Clean Renewable Energy Bond.

Resources:

  • IR-2017-210: IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017

  • IR-2018-32: Interest on Home Equity Loans Often Still Deductible Under New Law

  • IR-2018-122: IRS issues notice on state and local tax deductions

  • IR-2018-127: Law change affects moving, mileage and travel expenses

The information provided by the IRS is concise and includes references where appropriate. Similar information is provided on a wide variety of topics for businesses and other entities, including the new 20% deduction for pass-through businesses. You may also wish to visit the IRS’ Tax Reform News webpage for News Releases, Fact Sheets, and IRS Statements.

Tax Law Compliance For Tax-Exempt Organizations

If you require counsel on compliance with federal and state exempt organization tax laws, please contact Henderson, Caverly and Pum LLP in San Diego. Our Nonprofit Organizations Practice Group specializes in the legal representation of nonprofit organizations and has extensive experience in guiding nonprofits through tax law compliance.