At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act that triggered unrelated business income tax (UBIT) on not-for-profits that provide employees with transportation fringe benefits. Unequipped to handle the additional administrative burdens and compliance costs, nonprofits had complained and legislators apparently listened. The repeal will be retroactive and nonprofits that paid UBIT on applicable transportation benefits in 2018 and 2019 are expected to get their money back. Contact us to ensure you remain current on the latest tax news affecting your organization
