Are Nonprofits Required to Pay Taxes for Employee Parking?

Under the Tax Cut & Jobs Act, nonprofits are required to allocate parking expenses provided to employees and report unrelated business taxable income (UBTI) on the transportation fringe benefit. Learn about the four-step process used to determine the amount of employee related parking expenses subject to UBTI.

2019-03-19T14:50:42-04:00February 22, 2019|Categories: Accounting, Not-for-Profit|Tags: , , |

IRS Issues Guidance for Parking Expenses as Qualified Transportation Fringes

Guidance issued from the IRS on December 10, 2018 provides examples of ways to identify and calculate non-deductible parking expenses including a four-step process when taxpayers and tax-exempt organizations own or lease parking facilities. This guidance allows for any reasonable method in calculating the non-deductible expenses.

2019-03-19T15:31:55-04:00February 5, 2019|Categories: Accounting, Not-for-Profit, Tax: Business|Tags: , |