Gross Mendelsohn Blog
A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.
On December 20, 2019, the “parking tax” for nonprofits was repealed. The parking tax, otherwise known as the taxation of transportation fringe benefits by nonprofit employers under Section 512(a)(7), was first brought into law with the passing of the Tax Cuts and Jobs Act (TCJA) at the end of 2017.
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The IRS recently announced new rules for e-filing requirements for tax-exempt organizations. The Taxpayer First Act requires all tax-exempt organizations to electronically file Form 990. Currently, only a limited number of nonprofits are required to file electronically. That all changes for tax-exempt organizations starting with tax years that begin after July 1, 2019. Let’s look at the kinds of organizations and tax returns that are affected.
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It’s not too often that you hear about an organization losing their nonprofit status. Here’s the story of one that did.
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If you have children or grandchildren, you’re likely concerned about the cost of their college education. For Marylanders, there is a little bit of relief in sight, thanks to the state teaming up with the Maryland College Investment Plan. You might be eligible to receive matching funds from the state of Maryland if you meet certain criteria, but you must submit an application by May 31.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Nonprofit | Service Businesses
As 2019 gets closer, businesses and nonprofits across the country are struggling to understand how to calculate how new parking expense rules will impact their tax liability. The changes to parking expense deductibility and the unrelated business income tax for nonprofits are part of the changes under the Tax Cuts and Jobs Act (TCJA).
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There's good news for Maryland residents who have incurred at least $20,000 in undergraduate and/or graduate student loan debt: you may be eligible for a Maryland tax credit.
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