Qualified Transportation Fringe Amounts - UBIT Refund Procedures

January 24, 2020

By Michael Clifford

In conjunction with the repeal of the unrelated business income tax (“UBIT”) on qualified transportation benefits which was part of the Tax Cuts and Jobs Act of 2017, the IRS has made available instructions on how to claim a refund or credit of UBIT or adjust the Form 990-T through amending the 2017 and 2018 Forms 990-T.

Please keep in mind that the time limits for filing refund claims are typically three years from the time the original Form 990-T was filed or two years from the time the tax was paid, whichever is later.

Please contact your tax advisor on how this affects your organization and what should be the next steps.

About Marie Arrigo

Marie Arrigo is a Tax Partner and Co-Leader of the Family Office Services Practice for the Personal Wealth Advisors Group which provides tax consulting and compliance services to family offices, individuals, trusts and estates, and closely held businesses.