Insights by:
Kathy Cuddapah

IRS Automatically Extends Tax-Exempt Organization Deadlines

To provide additional help to taxpayers, the Internal Revenue Service (IRS) issued Notice 2020-23 on April 9, 2020 to extend additional key tax deadlines for individuals and businesses. Among those groups that will benefit from this extension are tax-exempt organizations who file a 990 series form. Some of the forms extended by this notice are: […]

Top 7 Risks for Independent Schools

Independent schools today face more challenges than ever. You’re under extreme pressure to stay relevant to your supporters while simultaneously navigating new financial and operational complexities. We’re here to help. Below our team of experts has highlighted seven risks that span across an independent school’s risk universe. These Top 7 Risks are just a sampling […]

Top 10 Risks for Associations – Risks That Should be Discussed in Your Board Rooms in 2020

Associations today face more challenges than ever. You’re under extreme pressure to stay relevant to your members while simultaneously navigating new financial and operational complexities. We’re here to help. Our team of experts has highlighted 10 emerging risks that span across an association’s risk universe. These Top 10 Risks are just a sampling of the […]

Nonprofit Parking Tax Repeal: How to Obtain Your Refund or Credit

A new law brings welcome news to the nonprofit community. On December 20, 2019, the president signed an appropriations bill that repeals Section 512(a)(7), the unpopular tax on parking and other transportation fringe benefits provided to employees of most tax-exempt organizations. The provision was repealed retroactively, which means nonprofits can request a refund or credit […]

Parking Tax Repealed – The Ordeal Is Almost Over!

A new law was signed recently that repeals code Section 512(a)(7), the unpopular tax on most tax-exempt organizations, including religious organizations and voluntary health and welfare groups, for parking and various other transportation fringe benefits provided to employees. The provision is repealed retroactively, which means refunds can be requested for all taxes paid for the […]

Top 10 Risks for Associations – Risks That Should Be Discussed in Your Board Rooms

Associations today face more challenges than ever. You’re under extreme pressure to stay relevant to your members while simultaneously navigating new financial and operational complexities. We’re here to help. Our team of experts has highlighted 10 emerging risks that span across an association’s risk universe. These Top 10 Risks are just a sampling of the […]

IRS Issues Guidance on Parking Benefit Expenses to Be Included as UBTI for Nonprofits

The Internal Revenue Service (IRS) has issued Notice 2018-99, Parking Expenses for Qualified Transportation Fringes Under Section 274(a)(4) and 512(a)(7) of the Internal Revenue Code, which provides some clarity to nonprofits for determining the amount of increase to unrelated business taxable income (UBTI) for parking benefits provided to employees. This new UBTI is a result […]

Underpayment Penalty Relief for Nonprofits Subject to New Qualified Transportation Fringe Tax

Internal Revenue Service (IRS) Notice 2018-100 offers transitional relief to nonprofits from underpayment penalties related to the new qualified transportation tax. The new tax is applicable to nonprofits that provide certain benefits to employees, effective on January 1, 2018. The general tax rules provide that taxpayers must make four quarterly estimated payments during the year […]

New Excise Tax on Nonprofits

Tax Code Section 4960, added by the 2017 Tax Cuts and Jobs Act (TCJA), is generally effective for tax years beginning after December 31, 2017. It imposes an excise tax on all tax-exempt organizations, including political organizations that pay excess compensation. What were they thinking? Before TCJA, as now under existing tax law, no deduction […]

IRS Issues Notice Clarifying Trade or Businesses for UBI Purposes

The Internal Revenue Service (IRS) issued Notice 2018-67 on August 21, 2018, to an audience of nonprofit organizations and their advisors waiting on the edge of their seats for clarification of the new law passed last December. The agency revealed relatively good news for those nonprofits who have more than one source of unrelated business […]

Parking and Metro Fare Benefits Subject to Unrelated Business Income Tax

Action Item: Do You Need to Make Estimated Payments? Before April 15th, 2018 all nonprofits need to ask themselves, “Does my organization provide any nontaxable benefits to employees, contractors, partners, or directors, including:” Transportation in a commuter highway vehicle if such transportation is in connection with travel between the employee’s residence and place of employment […]

2018 Top 10 Risks for Associations

In all our client engagements, we partner with organizations to understand their needs and design services to support the strategic mission and add value to the organization. In this whitepaper, our team of experts have highlighted emerging risks that span across an association’s risk universe that boards should keep on their radar. Download our Top […]