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While Other Nonprofits Struggle with Reporting Responsibilities…Credit Unions Get Off Scot-Free

News & Insights

The Treasury Department is trying to blunt the impact of an unpopular new tax on churches and other nonprofits.

The agency released interim regulations today spelling out exactly how the tax will work, which officials said were designed to minimize its burden on not-for-profit organizations.

Republicans’ tax overhaul requires them to begin paying taxes on the parking benefits provided to employees. The levy has outraged many groups who had demanded the administration at least delay its implementation.

Agency officials said today they don’t believe they have the legal authority to suspend the tax, but they did try to make it easier to handle. For example, the department is giving nonprofits the option of calculating the tax in any reasonable way.

The 24-page rule also forgives certain penalties associated with the tax and allows groups providing minimal benefits to workers to skip it altogether.

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