CATEGORY

January 2020

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Nonprofit Tax

How to Claim Parking Tax Refunds

On January 21, 2020, the IRS issued guidance detailing how nonprofits can apply for refunds of the repealed “parking tax.” Recall that in December 2017, the Tax Cuts and Jobs Act imposed an unpopular and widely criticized 21% tax on employee transportation benefit expenses incurred by nonprofits. The transportation tax, or “parking tax” as it came to be known, was retroactively repealed in December of 2019. The retroactive nature of the repeal creates an opportunity for nonprofits that paid the tax to seek refunds. 

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What’s New for Nonprofits in 2020

At the close of 2019, Congress passed legislation that has a significant impact on nonprofits. On December 20, 2019, the Further Consolidated Appropriations Act, 2020, also known as H.R. 1865, became law. This act includes two provisions that significantly impact nonprofits:

The simplification of the excise tax on net investment income; and
The retroactive repeal of the unrelated business income tax on qualified transportation fringe benefits.

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