One of the more confusing provisions of the 2017 Tax Cuts and Jobs Act is that employer-provided parking is now considered unrelated business taxable income (UBTI)—and is therefore taxable. In other words, if you provide a parking benefit for your employees, you may need to pay unrelated business income tax (UBIT) on that expense. (more…)
Nonprofit Insights
NextCOSO Provides Framework for Internal Controls
In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed a flexible framework for designing, implementing, and evaluating internal controls. Internal controls help reduce fraud, improve accuracy and financial reporting, and maintain consistent practices across an organization. (more…)