Tag Archives: tax

Exempt Organizations: Tax Reform Provisions to Watch

Part II:  Senate and House proposals By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Joint Committee on Taxation released the Senate’s “Description of the Chairman’s Mark of the ‘Tax Cuts and Jobs Act’” on November 9, 2017.  The Ways and Means Committee of the U.S. House of Representatives previously released its long-awaited tax bill on November 2,... Read More >

Exempt Organizations: Tax Reform Provisions to Watch

By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Ways and Means Committee of the U.S. House of Representatives released its long-awaited tax bill on November 2, 2017.  The bill is entitled Tax Cuts and Jobs Act, H.R. 1  (“TCJA”).  Note that there is nothing in the title referencing “tax simplification”.  The full text of the bill... Read More >

Forgiven Debt – Taxable to the Borrower?

Generally, if a borrower is required to pay a sum certain at a specific time, the obligation is considered “debt” under the Internal Revenue Code.  If the lender forgives a portion, it has “cancelled” the debt and the borrower must declare and take into income the dollar amount cancelled.  A lender may unilaterally decide that a debt is not collectable... Read More >