As a part of a year end deal on tax issues, Congress repealed a provision of the 2018 tax reform bill which requires tax-exempt organizations to pay taxes (21%) on parking and transit benefits that they provide to employees. The provision, known at UBIT (Unintended Business Taxable Income) created a transit and parking tax for…
Today, the Internal Revenue Service (IRS) released guidance on cost of living increases for 2020. As a part of that release, the IRS noted that the monthly cap for transportation fringe benefits will be $270 for 2020, this is an increase from the $265/month cap in 2019. The monthly cap applies to bother parking and…
The House Ways & Means Oversight Subcommittee will hold a hearing on “Ending the TCJA Tax on Houses of Worship, Charities, and Nonprofits.” The hearing will take place Wednesday, June 19, 2019 at 2:30 p.m. in room 1100 of the Longworth House Office Building. The Committee is inviting stakeholders to submit testimony. Details on testimony submission can…
The Internal Revenue Service released its annual inflation adjustments for tax year 2019. The IRS has set the monthly cap for parking and transit benefits at $265/month, up from $260/month. Under the law, the monthly caps for fringe benefits are set to annual cost of living adjustments. The release did not include any new guidance…
This week, the Internal Revenue Service released a notice requesting comments on draft guidance on tax-exempt organizations that have more than one unrelated business. The core of the guidance goes into how Unrelated Business Taxable Income (UBTI) would be applied to those organizations with multiple unrelated business lines and basically says that the losses of…