By Jayme Mika, CPA | Tax Manager | Not-For-Profit Industry Team
The newly enacted Tax Cuts and Jobs Act has two subsections that are causing nonprofit representatives to ask the IRS and Treasury to delay implementing the new Unrelated Business Income Tax (UBIT) rules until after guidance is published.
Because of the ambiguity of these two subsections, nonprofit representatives are asking the Treasury and the IRS to delay their implementation until one year after final regulations are issued. However, the delay should be retroactive to January 1, 2018.
We will continue to monitor the proposed changes and keep you updated on what to expect following any decisons. Questions on unrelated business income tax? We can help. Contact a member of the Not-For-Profit team or Email | 804.747.0000
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