IRS Guidance on Qualified Transportation Fringe Benefits and UBIT

On December 10, 2018, the Internal Revenue Service (IRS) issued interim guidance on the treatment of qualified transportation fringe benefit expenses under the Tax Cuts and Jobs Act (TCJA). According to the IRS press release: The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income (UBTI). It’s still frustrating to try to understand the rationale behind a law to impose, upon tax-exempt organizations, a tax on an expense rather than on income. However, the TCJA did just that. See our previous posts: The New Tax Law and Its Impact on Nonprofits – Part 2 and Whaaat?! Nonprofits need to pay taxes for providing employee parking! Notice 2018-99 provides guidance for tax-exempt organizations to determine the corresponding increase in the amount of unrelated business…

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