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Update on Parking Lot Guidance: Transportation Fringe Benefits

UPDATE ON PARKING LOT GUIDANCE: TRANSPORTATION FRINGE BENEFITS

Cost Free
Presentation Length 1.0 hour

Recorded DateMay 3, 2019
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The Tax Cuts and Jobs Act eliminated the deduction for qualified transportation fringe benefits. Embedded in the elimination of this deduction is the loss of a deduction for employer-provided parking facilities. In addition, new code section 512(a)(7) requires that exempt organization include the amount of qualified transportation fringe benefits provided to their employees, including the cost of employer-provided parking facilities in their unrelated business income. In December 2018, the IRS published its first guidance on this new area in Revenue Procedures 2018-99 and 2018-100. This session will unpack that guidance and review the computations required to determine the amount of the eliminated deduction or includible unrelated business income.

Learning Objectives:


  • Understand the application of the four-step analytical framework found in Rev. Proc. 2018-99.

  • Be able to quickly assess the likelihood an exempt organization will have a filing requirement.

  • Apply the estimated tax penalty provisions of Rev. Proc. 2018-100 to avoid paying estimated tax penalties arising from failing to properly take into account the new tax liability under Section 512(a)(7).

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Ted Batson

CapinCrouse, LLP
Partner, Tax Counsel
[email protected]
(317) 885-2620 x1150

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A certified public accountant and licensed attorney, Ted advises exempt organizations of all sizes on a wide range of issues, including tax and employee benefit related matters, representation before state and federal tax authorities, and assistance with firm audit or advisory engagements to formulate advice and counsel on important operating and tax issues. Ted also assists clients with general tax issues, unrelated business income, charitable solicitation, compensation planning and reporting, and missionary employment structures. Prior to joining CapinCrouse, Ted served as Executive Vice President of Professional Services at Renaissance Administration LLC.

About Our Presenter

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Since 1972, CapinCrouse has served domestic and international outreach organizations, universities and seminaries, foundations, media ministries, rescue missions, relief and development organizations, churches and denominations, and many others by providing support in the key areas of financial integrity and security. In addition, CapinCrouse members regularly contribute to policy decisions that impact our nation’s nonprofit entities.

As a result of this extensive experience, CapinCrouse has a deep understanding of nonprofit operations and know the ever-changing needs and the importance of financial accountability in this unique environment.