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Important Update re: Non-Deductible Portions of 2019 Dues

  Important Update for RANW members re: Non-Deductibility of a Portion of Your 2019 Dues:

As noted with your 2019 Dues Statements, under the new 2017 Tax Cuts and Jobs Act, Congress changed federal tax law so that local associations can no longer include local lobbying expenses in the deductible portion of a member's annual dues. Instead, these local lobbying expenses must now be calculated into the non-deductible dues amount, along with state and national dues.

As a result of this federal tax law change, the REALTORS Association of Northeast Wisconsin calculated the nondeductible portion of your 2019 local Membership Dues. The amount of your RANW local Realtor and Affiliate dues is $1.00 per member; this amount is in addition to the amounts stated on the back of your WRA dues statement which specifies the non-deductibility of WRA and NAR dues. Please see updates below:

Notice updated from your Dues Statement regarding NON-Deductible portions of REALTOR and AFFILIATE DUES for 2019, with RANW portion included:

Membership dues are not deductible as charitable contributions, but may be deductible as an ordinary and necessary business expense subject to restrictions imposed as a result of Association lobbying activities. Under the 1993 Federal Tax Budget Act, individuals who belong to a not-for-profit Association may not deduct for income tax purposes the portion of their 2019 Membership dues spent on federal or state lobbying activities or local lobbying. Thus, the portion of the 2019 dues not tax deductible is:

Designated REALTOR, REALTOR or Salesperson Assessment Dues Not Deductible: $57.00 NAR + $183.00 WRA + $1.00 RANW = $241.00 not deductible out of total $694 dues amount for 2019 dues.

Designated Affiliate Firms Dues Not Deductible: $173.00 WRA + $1.00 RANW = $174.00 not deductible out of total $456 dues amount for 2019 dues.

FYI: The total non-deductible amount does not include voluntary WRF contributions or voluntary RPAC contributions. RPAC contributions are not deductible amounts.

If you have any questions about this slight change in the non-deductibility amount or your dues payment generally, you may contact RANW at info@ranw.org.

If you have questions about reporting business deductions, please be sure to contact your tax professional.

Thank you!

REALTORS Association of Northeast Wisconsin

12.2018

 

 

 

 


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