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Congress Repeals Nonprofit “Parking Tax” and Provides for Single-Tier Excise Tax on Private Foundation Net Investment Income

As part of a year-end consolidated appropriations act signed into law on December 20, 2019, Congress acquiesced to heavy criticism leveled by the nonprofit sector and retroactively repealed section 512(a)(7), which had been added to the Internal Revenue Code as part of the tax reform legislation enacted at the end of 2017.

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Recent Developments and Trends for Exempt Organizations

Practices: Tax-Exempt Organizations, Tax

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