Today, the Internal Revenue Service (IRS) released guidance on cost of living increases for 2020. As a part of that release, the IRS noted that the monthly cap for transportation fringe benefits will be $270 for 2020, this is an increase from the $265/month cap in 2019. The monthly cap applies to bother parking and…
The House Ways & Means Oversight Subcommittee will hold a hearing on “Ending the TCJA Tax on Houses of Worship, Charities, and Nonprofits.” The hearing will take place Wednesday, June 19, 2019 at 2:30 p.m. in room 1100 of the Longworth House Office Building. The Committee is inviting stakeholders to submit testimony. Details on testimony submission can…
The IRS, in conjunction with the US Department of Treasury Office of Tax Policy, issued Notice 2019-30 inviting the public to make recommendations on items that should be included in the IRS’s 2019-20 Priority Guidance Plan. This plan is “issued to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings,…
The Coalition for Smarter Transportation (CoaST) and Best Workplaces for Commuters (BWC) will host a webinar on ‘A Parking Tax? How New IRS Rules Impact Employers’. During this webinar, staff from CoaST and BWC will review how the Department of Treasury’s recent guidance on parking will impact employers. During the webinar, presenters will: Provide…
The Department of Treasury has released guidance regarding employer-provided parking, parking fringe benefits, and information regarding the status of how tax-exempt organizations are to handle changes to fringe benefits and unintended business tax. The guidance can be found below. It should be noted that the IRS will waive penalties and fees for organizations that have not paid…
This week, the Internal Revenue Service released a notice requesting comments on draft guidance on tax-exempt organizations that have more than one unrelated business. The core of the guidance goes into how Unrelated Business Taxable Income (UBTI) would be applied to those organizations with multiple unrelated business lines and basically says that the losses of…