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
Auctions are a fun way for a charity to raise money. In a Connecticut auction, the auctioneer is deemed to be the retailer for sales tax purposes. Sales of tangible personal property or enumerated services at an auction are subject to Connecticut sales taxation to the same extent as any other retail sale in the
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:
Who should attend: Non-Profit Tax Exempt Organizations
When:
Shipman & Goodwin exempt organization tax attorney Ray Casella will present an informative webinar and lively discussion where he will answer questions about school tax obligations for employee and teacher parking and the new UBTI rules. The presentation will begin with a short explanation of UBTI, followed by relevant examples from the IRS. Schools will
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