Industry Alerts

We keep a close eye on important developments that could affect your organization, and distribute this information to our clients through industry alerts.

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December 23, 2019

President Signs Bill Repealing Troublesome TCJA Provision for Nonprofit Organizations

Repeal of the UBI Tax on Nonprofits Providing QTFs On Friday, December 20, 2019, President Trump signed “The Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the Act) as part of a spending bill to fund the government through September 2020. The Act includes a provision to retroactively repeal Internal Revenue Code Section (IRC)…

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December 17, 2019

Potential Repeal of Unrelated Business Income Tax on Qualified Transportation Fringe Benefits and Change of Private Foundation Tax Rate on Investment Income

On December 17, 2019, lawmakers and administration officials released a tax plan that includes two provisions of interest to the nonprofit community. The first is a retroactive repeal of Internal Revenue Code Section (IRC) 512(a)(7) and the second is a change to the tax rate paid by private foundations on net investment income. These provisions,…

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July 22, 2019

FASB Votes to Delay Effective Dates for Major Accounting Standards

The Financial Accounting Standards Board (FASB) voted last week to propose a delay of the effective dates for three major accounting standards for private companies, nonprofits and small reporting companies. One of these proposed changes would provide more time for nonprofit organizations to implement the lease accounting standard, now proposed to take effect in January…

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July 22, 2019

District of Columbia Unclaimed Property Self-Audits by Nonprofit Organizations

Earlier this year, GRF published a blog post on state unclaimed property laws that noted the state initiatives for self-audits by taxpayers, including nonprofit organizations. Members of GRF’s Nonprofit Tax Team have been contacted recently by a number of Washington, DC-based nonprofits regarding a DC Self-Audit Notice. It is our understanding that many states, including…

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July 9, 2019

Nonprofit Filing Changes Under the Taxpayer First Act

By: Janna Goudarzi | Nonprofit Tax Manager Signed into law by President Trump on July 1, 2019, the Taxpayer First Act (the Act) was proposed to modernize and improve the Internal Revenue Services (IRS). The new law requires all tax-exempt organizations with a filing requirement (Forms 990, 990-PF, 990-EZ, and 990-T) to do so electronically….

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March 5, 2019

Update on DC Tax Exempt Organization Renewal

As a follow up to the Industry Alert sent on December 18, 2018, Gelman, Rosenberg & Freedman CPAs’ (GRF) Nonprofit Tax group is reminding organizations that the District of Columbia (DC) Office of Tax and Revenue (OTR) has begun expiring all DC tax exemptions issued more than four years ago. The renewal process itself has…

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December 18, 2018

DC Tax-Exempt Organizations Should Proactively Renew Their Status for 2019

Starting January 1, 2019, the District of Columbia (DC) Office of Tax and Revenue (OTR) will begin to expire current DC tax-exempt status and require each tax-exempt organization to renew its exemption or be reclassified as a taxable entity. To ensure that your organization’s DC tax exemptions (including income, sales or property tax) do not…

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December 12, 2018

IRS Releases Interim Guidance on Parking Fringe Benefits and Penalty Relief

On December 10, 2018, the IRS issued long-awaited interim guidance to tax-exempt organizations under Internal Revenue Code (IRC) Section 512(a)(7). Notice 2018-99 provides guidance on determining the amount of parking expenses for qualified transportation fringe benefits (QTFs) that are now unrelated business taxable income (UBTI). On the same day, the IRS also issued Notice 2018-100…

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September 4, 2018

Consider Federal and State Tax Changes in Your Year-End Tax Planning

With summer coming to an end, it is not too early to think about year-end tax planning, particularly in light of U.S. tax reform and major developments like the Wayfair ruling. The CPAs at Gelman, Rosenberg & Freedman (GRF) are keeping clients informed as more clarity emerges around these landmark changes, and we work with…

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August 1, 2018

Wayfair Ruling: Sales Tax Implications for Nonprofits

According to the recent U.S. Supreme Court ruling in South Dakota v. Wayfair, online sellers may be required to collect sales taxes even if the sellers do not have a physical presence in that state. This decision may have far reaching consequences to online sellers, including nonprofits. Nonprofits are often exempt from paying sales tax on items…

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