Doing business as a cemetery or funeral home operator just got more expensive – the Parking Tax:
There is one tax hike buried in the Tax Cuts and Jobs Act (TCJA) that nobody saw coming: the parking tax. The law, as written, made one of the most common fringe benefits provided to employees – a free parking space for anyone who drives to work – 21% more expensive for both tax-paying and some tax-exempt employers, including churches. These changes are effective for transportation fringes paid or incurred after 12/31/2017. The guidance is especially critical for tax-exempt organizations (as many cemeteries are structured for tax purposes) that historically have not had any unrelated business taxable income (UBTI) and may be surprised to learn that part of their parking expenses qualify as “income” and could lead to a tax liability.
Funeral Services, Inc. (FSI) & MKS&H Partnership
Funeral Services, Inc. (FSI) partners with MKS&H to address rapid growth in the deathcare industry. Funeral Services, Inc. specializes in the total administration of deathcare sales programs for PreNeed and Perpetual Care Trusts. We are excited for the opportunity and look forward to a lasting Partnership.
In the highly regulated death care industry, your financial information is often under tight scrutiny.
But, with all the time you devote to grieving families, are you spending the time necessary to remain compliant and make the right, proactive tax and financial decisions?
MKS&H can help. Since 1987, we have provided a complete accounting, tax, and business consulting services to cemeteries, funeral homes (including combination operations) and related trust funds around the country. Our experience, combined with our active membership in the ICCFA, means our CPAs and accountants are intimately familiar with the regulations and requirements of the death care industry, including the most efficient tax treatment of your Perpetual Care Trust accounts, and the intricacies of handing your business to your next generation.
Our clients rely on us for strategic, long-term guidance as well as for meaningful assessments of their monthly operations. Our work on their compliance reporting, financial statements and income taxes, working capital projections, and state oversight audits, let’s them see — and react more effectively to — the impact of changes on their taxes and on their futures.
Contact us to learn how we can partner with you to make more effective decisions, so you can devote your time to serving families in their most difficult times.
Our Death Care Services Include:
New – Pre-need Trust Data Due Diligence
Barb Walker is our Death Care team lead. Barbara is experienced in providing both compliance and consulting services to her clients to help them expand and manage their business operations.
Download The Full Parking Tax Article!
- How accurate is your pre-need trust data?
- CFO support & bookkeeping services
- Cemetery trust taxation
- Pre-need & perpetual care trust audits
- Financial statement audits, reviews and compilations
- Trust tax returns
- Annual reporting and filing for tax-exempt entities
- Structuring and tax issues arising from formations, business combinations, joint ventures and restructurings
- Tax planning for significant transactions
- Consulting on industry issues
- Strategies to improve cash flow management
- Assistance with reporting of mergers and acquisitions
- Multi-state experience for tax and compliance matters
- Excess income audits (in applicable states)
We provide dedicated, trusted advisors to assist you and help you move your company forward.
To learn more about our services, contact us today!