IRS softens blow after tax law cut perks for nonprofit employees

NONPROFITS, such as churches and colleges, will be given some leeway when calculating the cost of parking benefits and won’t face penalties this year if they were confused about how much they owed, according to guidance released by the IRS on Monday. / BLOOMBERG NEWS FILE PHOTO/ANDREW HARRER
NONPROFITS, such as churches and colleges, will be given some leeway when calculating the cost of parking benefits and won’t face penalties this year if they were confused about how much they owed, according to guidance released by the IRS on Monday. / BLOOMBERG NEWS FILE PHOTO/ANDREW HARRER
NEW YORK - The Internal Revenue Service moved to soften the hit from a controversial provision in last year’s tax overhaul that imposes a tax on some coveted benefits for employees at nonprofits. The law sets a 21 percent tax rate for nonprofits on so-called fringe benefits - such as free parking and fare for mass…
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