It may feel like we’re barely into 2015, but first quarter reports are already out, tax season is over, and summer will be here before we know it. The government has been busy too, with a number of proposals in the pipeline that could have a major effect on nonprofit organizations. If you’ve been too preoccupied with your own taxes to keep an eye on these potential legislations, now’s the time to dive in and find out what the future might have in store.
Nonprofit Quarterly’s list of tax proposals to watch in 2015 include provisions from the Tax Reform Act of 2014, the America Gives More Act, the president’s FY 2016 budget proposals, and more recently introduced bills that could affect nonprofits. As author Laura Kalick says in the article, “Nonprofits are in the midst of a legislative landscape potentially poised for reform.” We couldn't agree more!
Some of the most intriguing proposals include:
Making the provision that allows charitable IRA distributions and certain enhanced deductions permanent
Extending the window for taxpayers to deduct charitable contributions for the previous year
Eliminating the tax-exempt status of professional sports organizations like the NFL
Requiring the IRS to give an organization 65 days’ notice before revoking their exempt status
Permanently eliminating the gift tax on donations to 501(c)(4), (5) and (6) organizations
Whether or not these proposals will become law is hard to say, but it’s a good idea to keep your eye on the legislation that could affect your nonprofit. For more information on what the future could hold for your organization, hop over to Nonprofit Quarterly: Tax Proposals for Exempt Organizations to Watch in 2015.