Lawmakers Will Push to Renew Tax Extenders

Lawmakers on both sides of the aisle continue to look for the right legislative vehicle to renew dozens of expired tax breaks known as extenders. Tax extenders include many popular tax breaks that enjoy bipartisan support but have proven difficult to pass as stand-alone legislation due a variety of concerns, not the least of which… Read more »

Filing Season Brings Renewed Criticism of TCJA

Data indicating that Americans are getting smaller tax refunds this year has triggered fresh criticism of the 2017 tax overhaul engineered by congressional Republicans. Early reports from the IRS show the average refund is 8.7 percent smaller than the same period last year. The Treasury Department said initial news reports on the refund statistics were… Read more »

Lawmakers Debate Impact of 2017 Tax Law

House Democrats used a Feb. 13 Ways and Means subcommittee hearing to point out flaws in the 2017 tax law, including the smaller refunds many taxpayers are receiving this year. The hearing was part of House Democrats’ efforts to reexamine provisions in the sweeping tax law championed by congressional Republicans and President Trump. Republicans countered… Read more »

UBIT Repeal Gaining Traction in 116th Congress

ASAE and other members of the UBIT Coalition continue to meet with congressional offices to seek repeal of a 21 percent tax on so-called fringe benefits – such as free parking or mass transit assistance – that nonprofits provide to employees. Just before the holidays, the House passed a tax package authored by Rep. Kevin… Read more »

IRS Issues Interim Guidance on Nonprofit Excise Tax

Despite the partial government shutdown, the IRS on Dec. 31 issued interim guidance on the 21 percent excise tax on tax-exempt executive compensation exceeding $1 million in any taxable year, enacted as part of the 2017 tax law. ASAE has flagged the tax as concerning to the tax-exempt community, particularly because compensation subject to the… Read more »