Tax simplification for private foundations 2020-02-04 The Taxpayer Certainty and Disaster Tax Relief Act of 2019 reduced the 2% excise tax on net investment income of private foundations to 1.39%, and repealed the 1% special rate that applied if the private foundation met certain distribution requirements. The changes are effective for taxable years beginning after December 20, 2019.
Retroactive Repeal of Unrelated Business Taxable Income – Qualified Transportation Fringe Benefits aka "parking lot tax" 2020-02-04 The Taxpayer Certainty and Disaster Tax Relief Act of 2019 retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), which increased unrelated business taxable income by amounts paid or incurred for qualified transportation fringes. Congress had previously enacted this provision as part of the Tax Cuts and Jobs Act, effective for amounts paid or incurred after…
IRS Form 1023 must be submitted electronically online starting January 1, 2020 2020-02-04 Effective January 31, 2020, applications for recognition of exemption on Form 1023 must be submitted electronically online at www.pay.gov. The IRS will provide a grace period during which the IRS will continue to accept paper versions of Form 1023 (Rev. 12-2017). The user fee for Form 1023 will remain $600 for 2020. Applicants must pay the user fee…