IRS Releases New Tax Refund
On January 21, 2020, the IRS issued guidance on how to claim a refund due to amendments made to Internal Revenue Code Section 512(a)(7) by the Taxpayer Certainty and Disaster Relief Act of 2019. This amendment repeals the requirement to increase unrelated business taxable income (UBTI) for amounts paid for disallowed fringe benefits, including transportation fringe benefits, more commonly known as the parking lot tax.
To claim a refund for UBTI reported under §512(a)(7) of your 2017 or 2018 Form 990-T, you must file an amended Form 990-T. Instructions on how to do so can be found on the IRS' website or by reaching out to your BKD Trusted Advisor™. Don’t have an advisor? Use the Contact Us form below!