The Tax Cuts and Jobs Act, which added Sections and 274(a)(4) and 274(l), eliminated an employer's tax deduction for qualified transportation fringe and other commuting fringe benefits provided to employees. As illustrated by proposed regulations recently released by Treasury and the IRS, these rules have broad applicability, including parking provided by employers to employees at the workplace. The IRS previously issued Notice 2018-25 to provide interim guidance on how the new rules apply to qualified parking, but these new proposed regulations expand on the notice. The proposed regulations include:
- Additional methods for calculating the disallowed deduction for qualified parking,
- Helpful guidance on the exceptions to the loss of deduction, including for employers with space in a multi-tenant building or office park,
- Guidance on how the disallowance applies to transit passes and transportation in a commuter highway vehicle, and
- The first guidance on Section 274(l), which eliminates and employer’s deduction for the cost of employer-provided transportation between an employer’s residence and place of work.
This webcast will help you determine whether these new rules apply to your organization and the potential amount of your employer’s lost tax deduction. Importantly, we will discuss the broadened exceptions to the new parking rules and the limited safety exception to the new section 274(l) rules for commuting expenses.
Please note: CPE credits are not awarded for webcast replay.
Recommended Field of Study:
- Determine whether the organization is subject to the new disallowed deduction rules
- Describe advantage of helpful exceptions to the disallowed deduction for parking expenses
- Calculate the amount of the disallowed deduction
Prior knowledge into the Tax Cuts and Jobs Act,as well as Sections 274(a)(4) and 274(l)
Group - Internet
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