What’s the tax impact of the Tax Cuts and Jobs Act’s elimination of the deduction for transportation fringe benefits? The IRS has issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses, paid or incurred after 12/31/17. The new rules assist employers in determining the amount of parking expense that’s no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income. Here’s the IRS press release: http://bit.ly/2QQvwTu 

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