By Samantha Ramirez, CPA, Tax Manager

In December 2019, the Taxpayer Certainty and Disaster Tax Relief Act was signed into law, and retroactively repealed the “parking tax” that had taken the not-for-profit (NFP) community by surprise.  This is good news for exempt organizations that were subject to unrelated business income tax (UBIT) solely because they provided their employees transportation fringe benefits.  NFPs will no longer owe UBIT for these disallowed benefits, and for organizations that already paid the tax, refunds can now be claimed! (more…)