White House Still Planning New Tax Cut Plan

White House National Economic Council Director Larry Kudlow said that President Trump will unveil a new “tax cuts 2.0” proposal this summer as he campaigns for reelection. Kudlow did not provide specifics about the plan but said the goal will be to “help middle-class economic growth.” The White House has met with Rep. Kevin Brady… Read more »

529 Bill Endorsed by Richmond Times-Dispatch

A bipartisan bill to expand individuals’ use of “529” education savings accounts to cover the costs of professional certification and credentialing programs was endorsed this week in an editorial by the Richmond Times-Dispatch. The Freedom to Invest in Tomorrow’s Workforce Act was introduced last month by Reps. Abigail Spanberger (D-VA) and Rob Wittman (R-VA) to… Read more »

IRS Asked to Issue Guidance on UBIT Refunds

Ways and Means Democrats this week called on the Internal Revenue Service (IRS) to issue guidance for tax-exempt organizations on how they can claim refunds for taxes paid on parking and transportation benefits they provide to employees. The 2017 tax law required associations and other nonprofit groups to pay a 21% unrelated business income tax… Read more »

House Passes Repeal of Nonprofit Employee Benefits Tax

The House passed a year-end bipartisan spending and tax package Dec. 17 that includes a provision to repeal the 21% unrelated business income tax (UBIT) on transportation fringe benefits levied on nonprofit organizations. The Senate will vote on the bill this week and President Trump is expected to sign it to avert a partial government… Read more »