(from Inside Higher Ed) The free parking long enjoyed by faculty and staff at many schools is causing headaches, according to conversations at the recent NACUBO Annual Meeting. Thanks to changes in the Republican tax-reform package signed into law in late 2017, nonprofit organizations including colleges, universities and independent schools are expected to pay a 21 percent tax on parking benefits and other fringe benefits, but the Internal Revenue Service has offered little guidance on how, exactly, to calculate the value of those benefits. Moreover, no guidance is expected any time soon, said Liz Clark, NACUBO's federal affairs director. That leaves educational institutions and their lawyers flipping through sections of the new law largely on their own.
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