The IRS has issued final regulations regarding the deduction for qualified transportation fringe (QTF) expenses and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA generally disallows employer deductions for QTF expenses. The final regs address the disallowance of the deduction for expenses related to QTFs provided to a taxpayer’s employees, including providing guidance to determine the QTF parking expenses that are nondeductible. The final regs also address the disallowance of the deduction for expenses of commuting between an employee’s residence and place of employment. For more information: https://bit.ly/3qJorTP Call or visit our website for more information! www.mjscpa.com/
