On Tuesday May 26, 2020, Treasury and the IRS issued final regulations to relieve certain tax-exempt organizations from reporting donor information on their IRS Forms 990. The final regulations largely adopt the proposed version of the regulations issued in September 2019. The final regulations only require 501(c)(3) and 527 organizations to continue to provide donor

On May 13, 2020, Governor Lamont issued Executive Order 7NN which temporarily permits Connecticut nonstock corporations to hold member meetings remotely.

Prior to issuing the executive order, a member meeting was required to be held in person at a predetermined location. Unlike meetings of directors or trustees, remote participation in a member meeting (such as

Background.  As part of the Tax Cuts and Jobs Act of 2017, the cost of providing certain transportation fringe benefits, including employer-provided parking, to employees of tax-exempt organizations became subject to federal income tax as unrelated business taxable income (“UBTI”).  This controversial federal tax, commonly referred to as the “parking tax”, become effective

On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 which, among other things, expands the types of tax-exempt organizations that must file their annual returns electronically.

Currently, a tax-exempt organization is required to e-file its annual Form 990-series return (990, 990-EZ, 990-N, 990-T or 990-PF) only if the tax-exempt

Connecticut is one of many states that imposes a corporate income tax on the unrelated business taxable income of tax-exempt organizations. Tax-exempt organizations subject to this tax include charitable organizations, social welfare organizations, business leagues, trade associations, and social clubs. Unrelated business taxable income is income from a regularly-carried on trade or business activity of

Join Shipman & Goodwin exempt organization tax attorney Ray Casella for this informative webinar discussing the new UBTI rules applicable to employer-provided parking. He will address questions about UBTI including:

  • Why do we have it?
  • How do we comply with it?
  • How do we minimize it?

Who should attend: Non-Profit Tax Exempt Organizations

When:

Shipman & Goodwin attorney Louis Schatz authored the article Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (Part I) for the New York State Society of Certified Public Accountants online tax publication, Tax Stringer.  An excerpt from the article is provided below.

The Tax Cuts and Jobs Act of 2017 (TCJA)

The IRS recently released two notices to provide guidance for tax-exempt organizations about how to comply with the new provision that they treat employer-provided parking and qualified transportation fringe benefits as unrelated business taxable income (“UBTI”).

This unprecedented treatment of expenses as income created substantial uncertainty about how to calculate the UBTI from the parking