By Steve Guerra
Nonprofit organizations received great news to start the new year.
The 2017 Tax Cuts and Jobs Act disallowed a deduction for parking expenses paid by the employer, and for several nonprofit organizations, increased their unrelated business taxable income (UBTI). The increase in UBTI resulted in nonprofits filing a Form 990-T and paying a UBTI tax. As of December 20, 2019, the Taxpayer Certainty and Disaster Tax Relief Act was signed and retroactively repealed the 2017 Act. The 2019 Act not only allows deductions for parking expenses again, but nonprofits will receive a refund from UBTI tax paid related to parking expenses. Has the 2017 Act resulted in your organization filing a Form 990-T? Please contact us and we can assist in obtaining your refund.READ MORE