Qtr I - Newsletter 2018
From the President
It was great to see so many of you last month at our annual tax and compliance update seminars and to catch-up with ministry happenings around California and Nevada.

You'll notice with this newsletter that we have moved away from a monthly format and will now be publishing on a quarterly basis. C utting back on the number of communications will allow us to expanded on the depth and number of articles presented while reducing the amount of emails you regularly find crowding your in-boxes.

In this newsletter you will find a number of articles that provide additional in-depth information of some of the important changes associated with the Tax Cuts and Jobs Act passed in December of 2017, that you will find especially helpful to your ministries. Additionally, there are several interesting articles on other key topics, including board governance and risk management.

As always, if we can be of additional service to you and your ministry please do not hesitate to get in contact with us.

Yours in His Service,

Steve Boersma Ph.D.
President/CEO
IN THIS ISSUE
March
Luncheon
  Seminars

SAN JOSE

Thurs., March 15th

Employment Issues for Religious Nonprofits

RENO

More information coming soon!
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Quote2Know

"Our greatest fear should not be of failure but of succeeding at things in life that don't really matter."
-Francis Chan

2018 Federal Withholding Rules
The IRS has issued guidance on the federal income tax withholding rules in response to recent changes made by the Tax Cuts and Jobs Act (P.L. 115-97). The IRS also has released IRS Publication 15 (Circular E), Employer's Tax Guide for 2018, which includes specific information on the withholding guidance.  (read more)
Nonprofit  Board Governance
Members of the corporate board of directors, whether they be a for-profit company or a non-profit organized as a public benefit, mutual benefit, or religious entity are the "fiduciaries" responsible for steering the organization towards a sustainable future. They do this by adopting sound, ethical, and legal governance policies, ensuring that financial management practices are consistent with the national and state accounting rules and standards that govern their organization, and by making sure the organization has adequate resources to advance its mission. (read more)
Insurance Policies
Are you really covered?
Most nonprofits carry hefty amounts of insurance to shield them from liability. Carefully developed, they should be adequate. But more and more organizations are finding out that what they thought was adequate did not protect them at all.
 
In general, most liability insurance policies fall into one of two categories, "claims made", or "occurrence" policies. The difference in coverage can be significant. (read more)
Health Insurance Penalties are Changing
A significant change involving the penalties imposed for the failure to secure health care coverage has occurred as a result of the newly passed tax reform bill (2017 Tax Cuts and Jobs Act). Under a provision of the law, effective for months beginning January 1, 2019, individuals who fail to secure coverage for themselves and their dependents will no longer be assessed a financial penalty. (read more)
Financial Assistance May Be Coming Soon for Home Schoolers
The 2017 Tax Cuts & Jobs Act includes a provision allowing individuals to make use of funds previously deposited into a
Section 529 qualified tuition plan to pay tuition expenses incur red during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary school. The maximum annual amount that can be applied is $10,000. Though no provision currently exists in the tax code to allow such withdrawals to pay for costs associated with home schooling expenses a prov ision recently introduced in the House of Representatives intends to correct this ( H. R. 4862 ). To learn more  learn more about the bill and get alerts,  click on this link ( https://www.congress.gov/bill/115th-congress/house-bill/4862?r=24 )
Qualified Small Employer Health Reimbursement Arrangement (QSEHRA)
Written notice to employees: Transition and penalty relief.

The IRS has finally issued guidance to employers on the requirements for providing a qualified small employer health reimbursement arrangement (QSEHRA). The guidance covers eligible employers and employees and applies for plan years beginning on and after November 20, 2017. The new guidance is in question and answer format, with lots of examples making it relatively easy to follow and to get specific answers to the most frequently asked questions.  ( read more )
 
California - Property Tax
Boards of Equalization & Tax and  Fee Administration
Re-align Property Tax Programs

Three of four property tax programs transferred in July of 2017 to the newly created California Department of Tax and Fee Administration (CDTFA) from the State Board of Equalization (BOE) have been moved back to the BOE. (read more)
DISCLAIMER
This information is provided with the understanding that CMA is not rendering tax, accounting, legal, or other professional advice. Professional advice on specific issues should be sought from a qualified CPA, attorney, or other professional.

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