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Tag: tax law

Updated Reporting Requirements for NY Tax-Exempt Organizations

By Eitan Balloul, Tax Manager, Not-for-Profit In November of 2021, Governor Kathy Hochul of New York signed bill A1141A/S4817A to repeal NY Executive § Law 172-b. This law required certain exempt organizations who were registered with the New York State Attorney General (Department of Law) to submit an additional filing with the New York Department of State. Executive § Law 172-b became effective on January 1, 2021, and to many Exempt Organizations, it meant the burden...

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The Tax Cuts and Jobs Act of 2017

by Mary Vasilescu In December 2017 the U.S. passed a comprehensive tax reform package focused on supporting U.S. investments and the repatriation of foreign profits. The Tax Cuts and Jobs Act of 2017 (TCJA) lowered the corporate federal tax rate from 35 to 21 percent and made significant changes as to how foreign generated income would be taxed going forward. The TCJA enacted a “territorial” tax system and at the same time introduced provisions aimed to prevent U.S. companies from...

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