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VERSION:2.0
PRODID:-//ChamberMaster//Event Calendar 2.0//EN
METHOD:PUBLISH
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CALSCALE:GREGORIAN
BEGIN:VEVENT
DTSTART:20180718T193000Z
DTEND:20180718T210000Z
X-MICROSOFT-CDO-ALLDAYEVENT:FALSE
SUMMARY:Commuter Services informal workshop on Employee Commuting Benefits
DESCRIPTION:Uncle Sam had some surprises in store for employers with the unveiling of the Tax Cuts and Jobs Act (HR 1) at the end of 2017. As a result\, many transportation fringe benefits provided by employers to employees will be treated differently. \n\nThe new tax law disallows For-Profit employers from counting transportation benefits as a business deduction. Further\, the new law collects revenue from Non-Profit employers by treating transportation fringe benefits as Unrelated Business Taxable Income (UBTI)\, and applies a 21% tax. \n\nIn the past\, Commuter Services encouraged employers to either subsidize\, or allow for pre-tax/salary reduction payment\, of some\, or all of the specified employee commuter expenses (e.g. Section 132(f) of the IRS tax code). These commuter costs include transit passes\, vanpool expenses and bicycle commuting expenses. \n\nIn 2018\, employers will have to closely examine the new tax consequences of these programs. Given the 2017 tax law reduces the corporate tax rate from 35% to 21%\, and given the popularity of employee transportation benefits\, we encourage you to keep these commuter programs in place.\n\nThe changes are most impactful for Non-Profit organizations. In order to continue transportation benefits\, they will have to choose whether to 1. Treat these benefits as UBTI\, and be taxed 21%\, or 2. Provide employees with taxable income sufficient to keep the benefit in place. \n\nOf particular note\, the IRS has stated intent to treat pre-tax/salary reduction transportation benefits as UBTI\; a tax policy which has been recently confirmed by the national Association for Commuter Transportation (ACT) with leaders at the Department of Treasury. \n\nThere is also an unresolved issue of how parking expenses\, including the provision of free parking\, will be treated under the new law.
X-ALT-DESC;FMTTYPE=text/html:Uncle Sam had some surprises in store for employers with the unveiling of the Tax Cuts and Jobs Act (HR 1) at the end of 2017. \; As a result\, many transportation fringe benefits provided by employers to employees will be treated differently. \;
\nThe new tax law disallows For-Profit employers from counting transportation benefits as a business deduction. \; Further\, the new law collects revenue from Non-Profit employers by treating transportation fringe benefits as Unrelated Business Taxable Income (UBTI)\, and applies a 21% tax. \;
\nIn the past\, Commuter Services encouraged employers to either subsidize\, or allow for pre-tax/salary reduction payment\, of some\, or all of the specified employee commuter expenses (e.g. Section 132(f) of the IRS tax code). These commuter costs include transit passes\, vanpool expenses and bicycle commuting expenses. \;
\nIn 2018\, employers will have to closely examine the new tax consequences of these programs. \; Given the 2017 tax law reduces the corporate tax rate from 35% to 21%\, and given the popularity of employee transportation benefits\, we encourage you to keep these commuter programs in place.
\nThe changes are most impactful for Non-Profit organizations. \; In order to continue transportation benefits\, they will have to choose whether to 1. Treat these benefits as UBTI\, and be taxed 21%\, or 2. Provide employees with taxable income sufficient to keep the benefit in place. \;
\nOf particular note\, the IRS has stated intent to treat pre-tax/salary reduction transportation benefits as UBTI\; a tax policy which has been recently confirmed by the national Association for Commuter Transportation (ACT) with leaders at the Department of Treasury. \;
\nThere is also an unresolved issue of how parking expenses\, including the provision of free parking\, will be treated under the new law. \;
LOCATION:Edina Community Center room 351 5701 Normandale Road\, Edina 55424
UID:e.1823.4303
SEQUENCE:3
DTSTAMP:20240328T083951Z
URL:http://richfieldchambercvb.chambermaster.com/events/details/commuter-services-informal-workshop-on-employee-commuting-benefits-4303
END:VEVENT
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