Tax Reform Leaves Nonprofits With “Tsunami” Of Challenges

As U.S. corporations and businesses reap benefits from the passage of the Tax Cuts and Jobs Act of 2017 in December, state and national nonprofits across Arkansas are still trying to figure out how emerging federal and state tax policy will impact the way charities operate and carry out their benevolent missions.

For many 501(c)3 organizations, the enacting of President Donald Trump’s $1.5 trillion tax reform package has become an area of major concern as nonprofit executives and policymakers look to interpret changes in the nation’s tax code that allow them to remain exempt from paying federal income taxes.

At the same time, the Arkansas Tax Reform and Relief Task Force is reviewing several sales and income tax exemptions for nonprofits, including a lengthy list of recommendations to possibly repeal going into the 2019 legislation session.    MORE

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