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In the wake of the Office of Management and Budget's (OMB) recent directive to temporarily halt federal financial assistance, federal agencies are now under a tight deadline to conduct a detailed analysis of their programs. This requirement, stemming from the now rescinded Memorandum M-25-13, aligns… Read more
The House Ways and Means Committee approved a sweeping tax bill on May 14 with proposed changes that would significantly impact tax-exempt organizations. A summary of the key proposed changes follows.
In a major step forward in the reconciliation process, House Republicans passed a broad tax package that includes significant individual and business tax changes, including permanent extensions of key Tax Cuts and Jobs Act (TCJA) provisions, expanded deductions, and rollbacks of energy tax credits.…
With the budget resolution completed, Republicans are working quickly behind the scenes to try to assemble a sweeping tax package in time to meet an aggressive timeline set by congressional leadership.
The following are questions for boards and management teams to consider in executing a risk mitigation and operational strategy to address organizational impacts related to global tax reform under the Organization for Economic Co-operation and Development’s Pillar Two rules enacting a global minimum…
The House voted 216 to 214 to approve the Senate version of the budget resolution on April 10, crystalizing the framework Republicans hope to use to enact a massive tax package through the reconciliation process this year. The budget passed the Senate on a 51 to 48 vote on April 5, and it is now…
Senate Republicans approved a budget resolution on April 5 that would carve out $1.5 trillion for tax changes using a “current policy” baseline, paving the way for the possibility of making the Tax Cuts and Jobs Act (TCJA) permanent while still fulfilling President Trump’s campaign tax promises. The…
President Donald Trump’s March 4, 2025, address to Congress outlined a series of policy initiatives with significant financial and operational implications for nonprofits, healthcare entities, and state and local governments — especially those that rely on federal funding. His proposals to freeze…