Tax Cuts and Jobs Act

[Airehead]

Not to be political but how does taxing my non-profit 21% for employee parking fit the definition of either a tax cut or job building strategy.  Parking is now considered a qualified taxable fringe so we have to pay 21% of the value of our employee parking spots. 

The talking accountants and the lawyer accountant discussed this for almost two hours today. My head was about to explode. 

[Longjohn ★]

Bike to work

[Airehead]

Yep but that doesn’t help my non-profit organization.   As the organization we have to pay 21% on the employee parking spaces or bus passes or anything else we “give” as a benefit. 

[donkpow]

Fire the accountants.

[The_Karen_Cooper_Incident]

Is this from the state or the city?

Shu Fang

[JerrySTL ★]

3 hours ago, Airehead said:

Yep but that doesn’t help my non-profit organization.   As the organization we have to pay 21% on the employee parking spaces or bus passes or anything else we “give” as a benefit. 

Sure it does. Government is helping you to not make a profit. 

[Kzoo]

You pay taxes or you withhold that amount?  It’s been a few years since I had to deal with this but going back into the 80s anything paid or reimbursed over a certain amount for parking became taxable income.

[Wilbur ★]

The government will sell marijuana once they figure out how to tax it.  

[Prophet Zacharia]

10 hours ago, Airehead said:

Yep but that doesn’t help my non-profit organization.   As the organization we have to pay 21% on the employee parking spaces or bus passes or anything else we “give” as a benefit. 

Do they define how much you have to charge for your parking spots? Because 21% of free parking isn’t going to send any money to the government.

[Razors Edge ★]

3 hours ago, Prophet Zacharia said:

Do they define how much you have to charge for your parking spots? Because 21% of free parking isn’t going to send any money to the government.

I am amazed at how we are our own worst enemy. We give incentives to creating traffic and gridlock, and discourage alternative healthier and less damaging methods.  

Riddle me this, Batman:

Bike commuters will get to write off up to $53 in monthly expenses, thanks to a new tax bill introduced in the House this week.

“Incentivizing bicycle commuting helps people stay active, promotes a clean environment and is good for the economy,” said co-sponsor Rep. Vern Buchanan (R-Florida) said in a press release announcing the legislation.

People who drive to work or take transit are already eligible tax break, allowing them to pay for up tp $265 in parking or fare-related expenses with pre-tax money — if their employer participates. But thanks to the tax bill passed by Republicans last year, those who commute by bike no longer enjoy a similar benefit.

The bill, sponsored by Reps. Buchanan, Earl Blumenauer (D-Oregon), and Ayanna Pressley (D-Massachusetts), would fix that. It would allow bike commuters to deduct 20 percent of the parking and transit tax benefit, which is capped at $265 monthly. The bill would also allow commuters who cycle for part of their journey to write off those expenses in addition to a parking or transit benefit. The bill would also allow bike commuters to write off the cost of bike or e-bike share membership.

The previous bike commuter tax break, which Republicans ended just last year, was structured differently, as a reimbursement and was limited to $20 a month.

The new bill is welcome, but falls short of at least one European innovation. To encourage even more cycle commuting in Holland, the Dutch government pays workers 22 cents for every kilometer they pedal, the Huffington Post reported.

[maddmaxx ★]

You can commute by bicycle in Rochester in the winter if you wish.

[Razors Edge ★]

2 minutes ago, maddmaxx said:

You can commute by bicycle in Rochester in the winter if you wish.

Is that where Airehead is?  Maybe that's the answer - remove parking and add a plush gym with showers and bike storage and towels and sauna and a full bike mechanic area plus free espresso. B-O-O-M! Problem solved!

[maddmaxx ★]

Free mountain biking on Mt Wegmans too.

You realize that this is a place where they have tunnels between buildings on the campus of U of R so students can move about freely in the winter.  No, bicycles are not allowed in the tunnels.

 

Rochester, New York gets more snow than any other large city in the United States, with a yearly average of nearly 100 inches (255 cm). Close to eight feet of snow also buries nearby Buffalo in a typical year.

[2Far ★]

49 minutes ago, maddmaxx said:

Rochester, New York gets more snow than any other large city in the United States, with a yearly average of nearly 100 inches (255 cm). Close to eight feet of snow also buries nearby Buffalo in a typical year.

Dunno where that stat came from but Buffalo always gets WAAAY more snow than Rochester.

[Razors Edge ★]

52 minutes ago, maddmaxx said:

Free mountain biking on Mt Wegmans too.

You realize that this is a place where they have tunnels between buildings on the campus of U of R so students can move about freely in the winter.  No, bicycles are not allowed in the tunnels.

 

Rochester, New York gets more snow than any other large city in the United States, with a yearly average of nearly 100 inches (255 cm). Close to eight feet of snow also buries nearby Buffalo in a typical year.

So, I'll add "Company Fat Bikes" as an employee perk!  This is getting better and better.  Heck, @dennis could be the guy who comes in and gets the team trained on winter weather riding.

[BuffJim]

1 hour ago, 2Far said:

Dunno where that stat came from but Buffalo always gets WAAAY more snow than Rochester.

We won this year. Sometimes Rochester NY and Syracuse NY win. I think Erie PA had almost 200 inches last winter.

https://goldensnowglobe.com/all-snowiest-us-cities/

 

[Razors Edge ★]

3 minutes ago, BuffJim said:

We won this year. Sometimes Rochester NY and Syracuse NY win. I think Erie PA had almost 200 inches last winter.

https://goldensnowglobe.com/all-snowiest-us-cities/

 

"Won" is such not the correct word.

[MickinMD ★]

17 hours ago, Airehead said:

Not to be political but how does taxing my non-profit 21% for employee parking fit the definition of either a tax cut or job building strategy.  Parking is now considered a qualified taxable fringe so we have to pay 21% of the value of our employee parking spots. 

The talking accountants and the lawyer accountant discussed this for almost two hours today. My head was about to explode. 

When I coached our high school's varsity softball team, we did a car wash fundraiser for uniforms and equipment - those wet teen girls in swim suits brought in about $1500 each year for one car wash around 1990 - and the damn State of Maryland charged us 5% sales tax while we SAVED the state and county government money and yes, we had a state-issued non-profit license and non-profit ID number specifically for our team.