The IRS has posted instructions for how exempt organizations can claim a refund or credit of the unrelated business income tax they paid with respect to qualified transportation fringe benefits. This is the so-called “church parking tax.” In December 2019, legislation retroactively repealed the tax. Before being repealed, a provision required the unrelated business taxation income (UBTI) of tax-exempt organizations to be increased by expenses related to qualified transportation fringe benefits. The provision applied to amounts paid or incurred after December 2017. For more information: http://bit.ly/2tODG5w Call or visit our website for more information! www.mjscpa.com/
