In TCJA Guidance, IRS Addresses How to Calculate Nondeductible Parking Expenses | Practical Law
The Internal Revenue Service (IRS) has issued guidance relating to a Tax Cuts and Jobs Act (TCJA) amendment that disallows the tax deduction for expenses for certain qualified transportation fringe benefits provided by employers to employees (Notice 2018-99 (Dec. 10, 2018)). The guidance, which focuses on parking expenses, addresses how employers can determine the amount of parking expenses for these nondeductible qualified transportation fringe benefits.