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IRS Update for 2018

On October 19, 2017, the IRS issued Revenue Procedure 2017-58. “For tax year 2018, the monthly limitation for the qualified transportation fringe benefit is $260, as is the monthly limitation for qualified parking.” The 2017 limit is $255 per month.

The bicycle benefit remains unchanged at $20 per month (reimbursable). Bike share was not added as a qualified transportation fringe benefits.

Special thanks to David Judd with Edenred for bringing this to our attention!