fbpx

< Back to Thought Leadership

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Parking Tax Retroactively Repealed

The Parking Tax imposed under Internal Revenue Code Section 512(a)(7) has now been retroactively repealed.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.

Learn More

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.

Blue & Co., LLC Announces New Partnership With Vsimple | Vsimple and Blue and Co logo

Blue & Co., LLC Announces New Partnership With Vsimple

CARMEL, Ind. (May 5, 2022) – Blue & Co., LLC is excited to announce our new partnership with Vsimple, a workflow management software company based in New Albany, IN.  Blue & Co and Vsimple will be working closely together to address the workflow and process improvement challenges of manufacturers throughout the Midwest. “At Blue & […]

Learn More
Proposed Rule FY 2023 for Skilled Nursing Facilities

Proposed Rule FY 2023 for Skilled Nursing Facilities

It is that time of year again! The Center for Medicare and Medicaid Services (CMS) has issued the proposed rule that would update Medicare payment policies and rates for the fiscal year (FY) 2023’s Skilled Nursing Facility (SNF) Prospective Payment System (PPS). The Patient Driven Payment Model (PDPM) was implemented on October 1, 2019. This […]

Learn More
Coverage Scheduling Solutions for Physician Practices and Hospital Systems

Scheduling Solutions for Clinician Work-Life Balance

One of the most challenging conversations in any multi-physician practice or specialty-based hospital employed group is about how to create a fair distribution of on-call and/or inpatient hospital service coverage while balancing the duties of an outpatient practice. The COVID-19 pandemic has contributed to clinician burnout, and physicians and Advanced Practice Providers (APPs) place significant […]

Learn More