White House Studying Rules for UBIT Siloing

The Trump administration is close to finalizing guidance on the unrelated business income “siloing” provision enacted as part of the 2017 tax law. According to Bloomberg BNA (subscription required), the White House review office has been studying the IRS proposed rules issued in 2018, signaling that final guidance could be released soon. The change in… Read more »

IRS Issues Guidance on UBIT Refunds

The Internal Revenue Service (IRS) this week issued 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 (UBIT) on the value of these employee… 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 »

UBIT Coalition Pushing for Year-End Tax Fix

ASAE and its UBIT Coalition continue to press Congress to repeal the 21-percent tax on nonprofit parking and transportation benefits in any year-end tax package or government funding bill. Repealing the tax, enacted as part of the 2017 Tax Cuts and Jobs Act, has bipartisan support but lawmakers are running out of time to get… Read more »