Spending act repeals UBTI increase for certain transportation fringe benefits
The recently signed Further Consolidated Appropriations Act, 2020 (H.R. 1865), which partly funds the federal government through fiscal year 2020, contains a litany of changes to the Internal Revenue Code (IRC). One such change is the repeal of the increase in unrelated business taxable income (UBTI) for certain fringe benefits enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA).
Thomas Lanning, CPA, Partner, Exempt Organization Tax Services
Lori Rothe Yokobosky, CPA, MST, Partner, Exempt Organization Tax Services
Dan Masciello, Senior, Exempt Organization Tax Services
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
Insight2020 appropriations act edits, extends tax provisionsBrian Newman, Stephen Gregory, Michael BilletHere’s what to know about tax law changes in 2020 Further Consolidated Appropriations Act – and how they might mean refunds on your 2018 tax return.
InsightCohnReznick Webinar Recap: 2019 FASB Update for Not-for-Profit OrganizationsRecently, CohnReznick’s Not-for-Profit and Education practice hosted a webinar titled, “2019 FASB Update for Not-for-Profit Organizations.” The webinar, the latest in our ongoing Not-For-Profit Governance & Financial Management Webinar Series, focused on key ASUs for not-for-profits. In this article, we provide important hightlights related to ASU 2018-08, “Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.”