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New IRS Guidance on Parking Expenses Released

IRS released Notice 2018-99, Parking Expenses for Qualified Transportation Fringes Under § 274(a)(4) and § 512(a)(7) of the Internal Revenue Code. This notice provides interim guidance for employers to determine the amount of parking expenses for qualified transportation fringes (QTFs) that is nondeductible under
§ 274(a)(4) of the Internal Revenue Code (Code) and for tax-exempt organizations to determine the corresponding increase in the amount of unrelated business taxable income (UBTI) under § 512(a)(7) attributable to the nondeductible parking expenses.