News and Insights

Surprise! Your Foundation May Owe Taxes to the IRS

08/17/2018

Laura Pierce, Guest Contributor | If your foundation pays for its employees’ parking or transit passes or allows employees to set aside pre-tax dollars for their transit costs, you may be surprised to know that your foundation may now owe the IRS a 21% unrelated business income tax on those payments. And – surprise! – your first payment was due on April 15, so you may face a late-filing penalty, too. If you’re startled by this news, you’re not alone. more »