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Recent Posts by Nate Smith

Relief Coming for Parking Expenses? Not-For-Profits Hold Out Hope
Posted by Nate Smith on Fri, Sep 6, 2019 @ 05:26 PM

Not-for-profit organizations drew the short end of the stick when the new tax law commonly known as the Tax Cuts and Jobs Act (TCJA) made parking expenses incurred on behalf of their employees a taxable increase to unrelated business taxable income (UBTI). Commercial enterprises were equally affected by this law change, but for many not-for-profits, the change comes as a shock. The UBTI inclusions are likely to lead to tax bills at year-end, which is particularly surprising for organizations that historically had no UBTI. Fortunately, the IRS heard the collective pleas for change, and may be remodeling its approach to give not-for-profits some relief.

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Topics: not-for-profit, NFP, nonprofit, Tax Reform, TCJA, parking expenses

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