8.21.18 | Churches & Denominations, Higher Education, Nonprofit Organizations, Nonprofit Tax | Email Alerts
Cutting Through the Confusion about the New “Parking Lot Tax”
Among the many changes and provisions in the Tax Cuts and Jobs Act passed in December, one that has resulted in particular confusion, extensive discussion, and several articles is the taxability of certain fringe benefits provided to employees, particularly parking benefits.print
Uncertainty about the wording and a lack of formal guidance from the IRS has left many nonprofit organizations unsure of what to do next. Meanwhile, organizations need to act soon to assess the degree of risk they are willing to accept in the absence of IRS guidance.
This article takes a look at the most common and pressing questions we’ve received on this issue.
There is much confusion surrounding the new tax on qualified transportation fringe benefits, including parking. Click here for details, examples, and recommended next steps.
Please contact us with any questions.