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What You Need to Know About the Tax Cuts and Jobs Act

Posted Feb 02, 2018 12:58 PM
Just days before the New Year, the federal government passed the Tax Cuts and Jobs Act, which will have a significant impact on the nonprofit sector. Here's a brief summary of what nonprofits need to know about this new legislation and how it'll affect the social sector.

One of the predicted impacts is that your donors may cut back on their giving because the higher standard deduction provided in the bill may mean that they will not get additional tax savings from their contribution. Every solicitation will need to be clear in communicating the reasons for giving since that tax-deduction may no longer apply.

The National Council of Nonprofits recently produced a helpful webinar about the law that you can watch for free on your own time. The webinar gives you a heads up about this bill, covering what operational changes you may need to make right away, what you need to know about related state and local policy changes, and other items that'll affect your nonprofit and the people you serve. We highly recommend you follow the National Council of Nonprofits on Twitter at @NatlCouncilNPs to receive updates on further developments from a national perspective.

For more locally-based policy updates, please subscribe to Washington Nonprofits’ Policy Action Alerts and Updates. You’ll receive regular emails about what's happening at the state and federal levels that directly affects nonprofits.

As our state association, Washington Nonprofits represents all nonprofits. Become a member and sign up to get timely informationon what's going on in the Legislature, as well as a current schedule of trainings that are happening in your area.