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Exempt Organization Highlights of Spending Package’s Tax Law Changes

While the Further Consolidated Appropriations Act, 2020 (Act) brought about extensions for certain credits and deductions, it also brought the following two changes for exempt organizations:

Parking Tax Retroactively Repealed

The Parking Tax imposed under Internal Revenue Code Section 512(a)(7) has now been retroactively repealed.  Exempt organizations will no longer owe this tax and are entitled to refunds for amounts reported and paid on Forms 990-T in the past.  The IRS is to issue guidance on the process for obtaining these refunds, but this will most likely consist of filing amended Form 990-Ts.

Private Foundation Excise Tax

The Act also established a flat tax rate for private foundation’s excise tax on net investment income at 1.39%, versus the two rate option allowed previously (1% vs. 2%).  The new rate is effective for tax years beginning after December 20, 2019.

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This is just a brief overview of the most relevant provisions for exempt organizations. More details on the other items in this Act can be found in our announcement: Spending Bill Extends Tax Breaks & Adds Retirement Account Provisions.

If you would like to discuss further, please contact your local Blue & Co. advisor.

Physician Fee Schedule: 2023 CMS Final Ruling

The Centers for Medicare & Medicaid Services (CMS) operates within a budget neutral approach. This occurs at the same time the healthcare community continues to try and find balance between reducing administrative burdens, accurately recognizing and recording services provided, and upholding the highest quality care possible. Over the last three years, there have been significant […]

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Blue & Co., LLC acquires Alerding CPA Group

Blue & Co., LLC acquires Alerding CPA Group

Carmel, Ind. (November 23, 2022) – The accounting and consulting firms of Alerding CPA Group (Indianapolis, Ind.) and Blue & Co., LLC (Carmel, Ind.) have announced their merger. The combined firm will operate as Blue & Co., LLC (Blue & Co.), effective December 1, 2022. This acquisition will provide Blue & Co. with greater market […]

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Not-for-Profit Single Audit Requirements – Evaluation of Revenue Sources

By: Holly Fields, CPA, Senior Manager Not-for-profit organizations (NFPs) that receive federal financial assistance over certain levels, either directly from a federal agency or indirectly through state or local agencies, may be required to have a single audit performed under Federal Uniform Guidance. Single Audit Requirements A single audit includes not only an audit of […]

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