Policy Update: Reclaiming Nonprofit Transportation Tax Payments & More
Nonprofit Connect wants to keep you updated on policy changes that affect the nonprofit community.
Reclaiming Nonprofit Transportation Tax Payments
This afternoon, the IRS issued guidance that will help nonprofits quickly get back taxes paid on the now-repealed tax on nonprofit transportation benefits.
- How To Claim a Refund or Credit of Unrelated Business Income Tax (UBIT) or adjust Form 990-T for Qualified Transportation Fringe Amounts
Proposed Improvements to Federal Rules Governing Grants
The federal rules governing grants to nonprofits would be substantially improved under proposed revisions to the Uniform Guidance published today by the U.S. Office of Management and Budget (OMB). Read the National Council of Nonprofit’s analysis of the proposed regulations here.
OMB is conducting a public webinar to explain the proposed changes on Thursday, January 23 at 11:00 AM CST. The public is invited to review the proposed regulations and submit comments by March 22, 2020.
.org Domain Proposed Sale Update
Many across the world continue to voice concern over the pending sale of the .org domain to a private equity firm in the first quarter of 2020. Read how this sale could affect your nonprofit, and what steps you can take here.
Reminder: New Overtime Rule Is in Effect
On January 1, 2020, the new Overtime Rule went into effect. This rule is estimated to affect about seven percent of the nonprofit workforce. To ensure your nonprofit is classifying employees correctly for purposes of calculating overtime, check out National Council of Nonprofits’ article that breaks down nonprofits’ obligation to pay overtime.
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