The Good News For Nonprofits On Transit Benefit Compliance

1 min

On December 14, 2018, George Constantine, Cindy Lewin, and Anne Gerson published "The Good News For Nonprofits On Transit Benefit Compliance" in Law360. Here is an excerpt:

Nonprofit organizations that have been struggling to comply with a new tax on parking and public transit benefits received three pieces of somewhat good news on Dec. 10, 2018. First, the U.S. Department of the Treasury issued much-needed guidance focused on calculating the parking side of the new tax. Second, the Treasury Department waived penalties for certain nonprofits that failed to pay quarterly estimated taxes in 2018 in connection with this new tax. Third, the state of New York enacted a law making clear that there will not be a New York state tax on the provision of parking and transit benefits and that New York will not follow the federal rule.