Nonprofits can now receive a refund of Parking Taxes paid in 2017 and 2018. The 2017 Tax Cuts and Jobs Act imposed the so-called “Parking Tax” on nonprofits. The Parking Tax required nonprofits to pay a new form of unrelated business income tax (“UBIT”) on amounts they incurred for providing transportation and parking benefits to …
Since its inception, confusion has reigned with regard to the Parking Tax. Earlier this week, the IRS issued long-awaited guidance on the Parking tax. That guidance may even give your nonprofit a break (and maybe a tax-break). Before we go further, are you asking, What Parking Tax? In the 2017 Tax Cuts and Jobs Act, …
Katie Hill, former Executive Director of our client, PATH, was elected to Congress earlier this month. She will be representing California’s 25th District. The district serves Katie’s home town of Santa Clarita and other communities in northern Los Angeles and Ventura Counties. We had the pleasure of working with and getting to know Katie when …
Senator Jon Tester (D-Mont.) recently introduced the Sunlight for Unaccountable Nonprofits Act (The SUN Act), which would require that already public information about nonprofits (specifically, that included on their annual information returns) be made available to the public at no charge in an open, searchable format. The Act specifically would require the information provided be …
Democrats and Republicans on a Senate investigative panel reviewing the so-called tea party scandal agree that the IRS used improper methods to scrutinize the exemption applications of social welfare organizations. But the agreement stops there. The Democrat-led Permanent Subcommittee on Investigations found that there was “no evidence of IRS political bias” in the agency’s actions. …
Nonprofit organizations that fail to file their annual information returns for three consecutive years, regardless of the size of the organization, automatically lose their exemption. According to Senator Dan Coats (R-Ind.), this has caused more than 550,000 nonprofits to lose their exemption over the past four years, many because they were unaware of the filing …
