Latest guidance from the IRS makes it clear that tax-exempt employers should now pay income tax based on amounts included in employee compensation reduction agreements (CRAs).

As you know, certain provisions of the recent federal income tax reform legislation may have a significant impact on tax-exempt organizations. Currently, one of the most controversial of these provisions is the tax treatment of employer-paid expenses for transportation and parking benefits. The tax community’s interpretation of this provision has been evolving, and in fact, IRS has just announced guidance on this issue.

In this article, Tate & Tryon’s exempt organization tax specialists provide guidance regarding commonly asked questions about this provision and outline recommended steps that nonprofits should start taking now.

INSIGHTS & RESOURCES

Up-Ending Accounting as We Know it?

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Uncategorized03/30/2018

FOR IMMEDIATE RELEASE: April 1, 2018 – The Fiscal Audit and Statements Body (FAASB) has released a sweeping new pronouncement that will dramatically affect the entire financial accounting community.  The pronouncement, Efficiency & Clarity in Foundational Accounting, mandates that CREDITS will hence forth be presented on the left-hand side of the general ledger and DEBITS […]

The Curious Effect of IRC Section 15 on the Change in Corporate Tax Rates

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Exempt Organization Tax03/29/2018

Insights03/29/2018

Tax03/29/2018

By: Deborah G. Kosnett, CPA
Tax Principal
It is well-known that the Tax Cuts and Jobs Act (TCJA) reduced the Federal income tax rate for corporations, from a top rate of 35% to a flat rate of 21%. The rate change is officially effective for tax years beginning after December 31, 2017. What isn’t […]

Clarity Regarding Taxability of Transportation Fringe Benefits

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Exempt Organization Tax03/27/2018

Insights03/27/2018

Latest guidance from the IRS makes it clear that tax-exempt employers should now pay income tax based on amounts included in employee compensation reduction agreements (CRAs).
As you know, certain provisions of the recent federal income tax reform legislation may have a significant impact on tax-exempt organizations. Currently, one of the most controversial of these provisions […]

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