The IRS has issued guidance that will help nonprofits quickly get back taxes paid on the now-repealed tax on nonprofit transportation benefits.
Category: Finance & Legal
Tax on Nonprofit Employee Transportation Benefits Repealed
On Friday, December 20, 2020, H.R. 1865, a package of funding and tax provisions that includes the repeal of a tax on nonprofit employee transportation benefits, is expected to be signed into law.
Is Your Nonprofit Impacted by Federal Tax Changes?
Minnesota’s nonprofits are part of strong, thriving communities so it is important that our tax policy create strong partnerships with government. However, changes in federal laws are creating confusion and increasing unrelated business income tax (UBIT) for nonprofits, which is disrupting this partnership.