News & Events, Nonprofit, Tax

Transportation Fringe Benefits for Exempt Organizations now Recorded as Unrelated Business Income

The Tax Cut and Jobs Act of 2017 added the following provision to the Internal Revenue Code that will cause many tax-exempt organizations to pay the unrelated business income tax (UBIT): Internal Revenue Code (IRC) Section 512(a)(7): Certain qualified transportation fringe benefits, including those relating to parking garages, must be reported as unrelated business income… Continue reading Transportation Fringe Benefits for Exempt Organizations now Recorded as Unrelated Business Income