Friday, June 29, 2018

How the Beatles Predicted Your 2018 Tax Increase

    This article begins by describing how the Beatles song “Penny Lane” predicted that employee fringe benefits would be taxed. The new 2017 Tax Cuts and Jobs Act now charges unrelated business income tax on employee fringe benefits. The jobs act is now taxing nonprofits for on-site employee parking and athletic facilities like they would a for profit corporation. The jobs act even taxes nonprofits in communities that require them to provide transportation benefits. Next, the article explores how the song “Everybody’s got something to hide except me and my monkey” predicted silo accounting for earned income. The new jobs act calculates UBIT by activity rather than for the total of the organization’s operations. Each activity is taxed at a rate of 21% that cannot be reduced. To read more about how the Beatles predicted your 2018 tax increase, click here: https://independentsector.org/news-post/ubit-beatles-predicted-2018-tax-increase/<https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Findependentsector.org%2Fnews-post%2Fubit-beatles-predicted-2018-tax-increase%2F&data=02%7C01%7Cdavid.brennen%40uky.edu%7Cc00f9732b33746c00b1c08d5dc4760b5%7C2b30530b69b64457b818481cb53d42ae%7C0%7C1%7C636657121479442930&sdata=kJLROobFbbbNO20l0f9jrI55aRN%2BCuuHQuz6ocg3mtE%3D&reserved=0>

 

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https://lawprofessors.typepad.com/nonprofit/2018/06/how-the-beatles-predicted-your-2018-tax-increase.html

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