Nonprofit Parking Tax Repeal
On Friday December 20, 2019, President Trump signed a spending package which included the repeal of the nonprofit parking tax. This tax applied to employee parking benefits as well as mass transit reimbursement.
What should I as a nonprofit subject to this tax do now?
- Stop making any estimated payments.
- File an amended Form 990T to claim a refund of any tax paid as the repeal was retroactive to 2017.
If you have any questions please contact the nonprofit service team as SEK.