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IRS outlines new tax law effect on tax-exempt organizations

New tax law effect on tax-exempt organizations

The IRS today issued a summary of the implications for tax-exempt organizations of the “The Further Consolidated Appropriations Act, 2020” (Pub. L. No. 116-94)—a government funding bill that includes significant tax provisions.

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The IRS release—IR-2020-23 (January 28, 2020)—outlines some of the recent tax law changes, which were also discussed in a January 2020 report prepared by KPMG LLP.  These include:

  • Repeal of “parking lot tax” on exempt employers
  • Tax simplification for private foundations
  • Exclusion of certain government grants by exempt utility cooperatives

 

For more information, contact a tax professional with KPMG’s Washington National Tax practice:

Ruth Madrigal | +1 202 533 8817 | ruthmadrigal@kpmg.com

Preston Quesenberry | +1 202 533 3985 | pquesenberry@kpmg.com

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