Senate Bills Would Repeal Fringe Benefits Provision

Lawmakers are increasingly aware of the need to fix a provision in the new tax law that requires tax-exempt organizations to pay taxes on employee parking and transportation benefits. Sens. Ted Cruz (R-TX) and James Lankford (R-OK) introduced separate bills this week that would repeal the mandate requiring associations, charities, churches and other tax-exempt organizations… Read more »

Coalition Pushing for Delay on Fringe Benefits

ASAE and other members of the UBIT Coalition continue to urge the Treasury Department to retroactively delay implementation of a provision in the new tax law that taxes transportation and parking benefits provided by many employers. The fringe benefits provision removes a deduction for employer-provided benefits such as transportation, parking and on-premises athletic facilities. In… Read more »

Trump Touts ‘Phase Two’ Tax Bill

Republicans’ plan for a “phase two” tax bill is still short on details, but President Trump suggested this week that tax writers may lower the corporate tax rate even further. “One of the things we’re thinking about is bring the 21 percent [tax rate for corporations] down to 20,” Trump said on Fox News this… Read more »

IRS Mulls Delaying New Rules for Tax-Exempts

The IRS is considering postponing enforcement of two provisions in the new tax law exposing tax-exempt organizations to unrelated business income tax liability, according to Bloomberg BNA. Last year’s Tax Cuts and Jobs Act added a requirement that tax-exempt organizations report unrelated business income for each trade or business separately. Previously, exempt organizations could report… Read more »

Association Tax Concerns Remain Unanswered

The Tax Cuts and Jobs Act of 2017 includes two new taxes that are concerning to association professionals, and in both cases, the Treasury Department and the IRS have not released the guidance necessary for associations to calculate the tax, despite estimated tax payments due this Friday (June 15). These issues are: • a new income… Read more »