Treasury Department and IRS Asked to Postpone New Taxes on Nonprofits
Nonprofits are asking for a delay concerning two provisions of the Tax Cuts and Jobs Act enacted earlier this year. The provisions, one relating to business income and the other on expenses incurred for employee transportation and parking, have caused confusion for several tax-exempt organizations since their applicability is uncertain without additional guidance from the Treasury Department and the Internal Revenue Service. Impacted organizations and nonprofit advocates have also submitted to both agencies extensive comments and requests for a delay in the taxes being implemented. More about the requested delay is available in the National Council of Nonprofits’ latest newsletter.
Government Could Shut Down Again Thursday
With the current stopgap spending bill expiring in two days, Congress is scrambling to avoid another government shutdown. The House will vote today on another short-term continuing resolution that would fund the government until Thursday, March 22. Lawmakers continue to negotiate on a budget for the 2018 fiscal year, but disagreements exist regarding proposed increases in defense, non-defense, and infrastructure spending. Other budget disputes involve funding for Dreamers/Deferred Action for Childhood Arrivals (DACA), hurricane and wildfire emergencies, and community health centers. No agreements have been reached on such matters. Meanwhile, the White House wants anomalies (i.e., additional funding) included in. Read More.