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

Doug Boedeker Named Practice Leader, Audit & Tax Services

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Firm News10/15/2018

Insights10/15/2018

Tate & Tryon is very pleased to announce that Doug Boedeker has been named Practice Leader, Audit & Tax Services. Doug is a partner in the Firm’s Audit and Assurance Services practice with more than 20 years of experience providing an audit, tax, and consulting services to nonprofit organizations.

IRS Issues Guidance on Meals and Entertainment Deductions Under Tax Reform

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Exempt Organization Tax10/12/2018

Tax10/12/2018

The IRS has issued guidance on the business expense deduction for meals and entertainment related to the tax law changes of the Tax Cuts and Jobs Act (the Act). For nonprofit organizations, this affects only taxable activities such as meal and entertainment expenses associated with unrelated business income activities, and similar expenses for subsidiary entities such as taxable corporations or passthrough entities such as partnerships.

Building Blocks for Building Capacity

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Case Studies10/12/2018

Insights10/12/2018

Outsourced Accounting Services10/12/2018

Take a peek at these 3 Building Blocks for Building Capacity within your nonprofit finance department and organization as a whole. Achieve more timely and effective communication and collaboration between departments and empower your management team for effective decision-making.

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