Ideas & Insights

The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.

Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.

Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.

Instructions for claiming a refund or credit, or adjust Form 990-T for qualified transportation fringe of unrelated business income tax.

The IRS released Notice 2019-09 providing guidance to assist taxpayers in implementing new executive compensation rules under section 4960.

The IRS provides guidance to assist in determining expenses for parking fringe benefits for purposes of section 274(a)(4) and 512(a)(7).

The IRS has recently issued Notice 2018-67, providing interim and transition rules for determining UBTI for separate trades or businesses.

A review of the most common benefits offered to employees, that are contained, as well as those that are not included in the TCJA.

Section 4968 imposes an excise tax on an applicable institution for each taxable year equal to 1.4 percent of the net investment income.

Refundings of tax-exempt bond issues now treated as taxable income to bondholders under the Tax Cuts and Jobs Act.

Families may now use section 529 account plans to pay for public, private or religious elementary or secondary school expenses.

Many questions arise for tax-exempts around separate trade or business activities for unrelated business income purposes.

Latest version of Tax Cuts and Jobs Act provides some relief to tax-exempts on one hand but eyes big changes on the other.

Highlights of the provisions in the Senate Committee on Finance proposal that may affect tax-exempt organizations.

The tax reform legislative process was formally kicked off Nov. 2, 2017, with the release of H.R. 1, the Tax Cuts and Jobs Act.