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Today is Tax Day for Nonprofits

May 15, 2019 1:21 PM | Philanthropy Delaware (Administrator)

The 2017 Tax Cuts and Jobs Act made two changes to the tax code regarding the unrelated business income tax (UBIT) that negatively affect foundations and other tax-exempt organizations. The first is a requirement that tax-exempt organizations pay a new tax on fringe benefits offered to their employees, such as parking and transportation benefits. Nonprofits have never been subject to such a tax before.

Research by the Urban Institute and Independent Sector estimates that the new tax on fringe benefits will, on average, cost nonprofits $12,000 per year.

Click here to read more from the United Philanthropy Forum

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