News & Analysis as of

Business Taxes UBIT

McGuireWoods LLP

Parking Tax on Nonprofits Retroactively Repealed and Tax Rate for Private Foundations Changed

McGuireWoods LLP on

Last month, Congress retroactively repealed the provision of the 2017 Tax Act that imposed unrelated business income tax on nonprofits that provided qualified transportation fringe benefits to employees....more

Bond Schoeneck & King PLLC

Let’s BOND over the Tax Act Part II - The Higher Education Edition

In the spirit of accentuating the positive, there are a few bits of good news for colleges and universities in the Tax Act…as Mary Poppins might say, a spoonful (or three) of sugar to help the medicine go down. Unfortunately,...more

Morgan Lewis

Tax Reform Legislation Addresses UBIT and Segregation of UBTI Investments

Morgan Lewis on

Adopting the Senate’s approach, tax reform legislation will not require governmental pension plans to be subject to unrelated business income tax, and tax-exempt entities subject to tax on unrelated business taxable income...more

Morgan Lewis

Tax Reform and Nonprofits: The Law Formerly Known as the Tax Cuts and Jobs Act

Morgan Lewis on

On December 22, 2017, US President Donald Trump signed H.R. 1, enacting fundamental changes to the US tax law that affect all sectors of the economy, including nonprofits. Earlier this week, the US House of...more

McDermott Will & Emery

Final Senate Tax Bill: Outlook for Tax-Exempt Organizations

McDermott Will & Emery on

The Senate’s final tax reform bill contains several troubling provisions for tax-exempt organizations but represents an improvement over last month’s proposed legislation, which caused concern across the nonprofit sector. ...more

K&L Gates LLP

IRS Changes Position on Certain Income Earned by State-Chartered Credit Unions

K&L Gates LLP on

In a recent memorandum (found here), the IRS issued instructions to all exempt organization examiners on the applicability of unrelated business income tax (“UBIT”) to certain income earned by state-chartered credit unions...more

K&L Gates LLP

Proposed Tax Code Overhaul Introduced with the Tax Reform Act of 2014

K&L Gates LLP on

On February 26, 2014, House Ways and Means Committee Chairman Dave Camp released draft (the "Discussion Draft”) that would substantially reform the current U.S. Tax Code (the “Code”). The Discussion Draft contains numerous...more

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