A new tax law could cost churches and other nonprofits a bundle.
As in a billion dollars—just for offering free parking and other benefits to employees.
Last year’s tax reform bill changed the law so for-profit businesses could no longer write off such benefits. Unfortunately, says Evangelical Council for Financial Accountability (ECFA), that change affects churches and other nonprofits.
“A nonprofit organization that simply allows its employees to park in a parking lot or garage that is part of the organization’s facilities will be subject to a tax on the cost of the parking provided,” says the ECFA. Read More
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