Implications for Businesses and Tax-Exempt Organizations
The Tax Cuts and Jobs Act changed the rules for certain employer provided Qualified Transportation Fringe Benefits. A specific category of fringe benefits that is going to impact both, taxable entities and tax exempt organizations, is employer provided parking expenses.
Effective for amounts paid or incurred after 12/31/17 (i.e. not tax ... Read More ›
Start by counting the total number of parking spots in each parking lot. Then continue as follows for each lot:
Step 1: Calculate the disallowance for reserved employee spotsCalculate the disallowance for reserved employee spots as a percentage to total parking spots. If there are none, go to Step 2.
Step 2: Determine the primary use of remaining ... Read More ›
Eric Wallin, CPA, attended and presented at the IFEBP’s Institute for Apprenticeship, Training and Education Programs from January 14th through 19th. He presented the session “Running your Training Fund as a Business,” which covered the topics of financial statements, internal controls, and annual audits.