Posts Tagged: Form 990-T

Refund of Parking Tax For Nonprofits

January 28, 2020 Posted by Kristen Anderson in Congress, Form 990, IRS, News, Non-profits, Nonprofits, Policy, Taxes, Unrelated Business Income

Nonprofits can now receive a refund of Parking Taxes paid in 2017 and 2018. The 2017 Tax Cuts and Jobs Act imposed the so-called “Parking  Tax” on nonprofits. The Parking Tax required nonprofits to pay a new form of unrelated business income tax (“UBIT”) on amounts they incurred for providing transportation and parking benefits to …

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IRS Targets Nonprofits with Unrelated Business Income

February 29, 2012 Posted by The Law Firm for Non-Profits, P.C. in IRS, News, Taxes

Nonprofits need to be aware that the IRS is targeting organizations with unrelated business income. Concerned about unrelated business activity, the IRS will be watching closely for organizations that report unrelated business income on the Form 990 but then do not file a Form 990-T. Form 990-T is the tax return required from exempt organizations …

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