{"id":797,"date":"2020-06-22T17:24:40","date_gmt":"2020-06-22T17:24:40","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=797"},"modified":"2020-06-22T17:24:42","modified_gmt":"2020-06-22T17:24:42","slug":"irs-issues-guidance-on-the-elimination-of-the-deduction-of-qualified-transportation-fringe-benefit-expenses","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-issues-guidance-on-the-elimination-of-the-deduction-of-qualified-transportation-fringe-benefit-expenses\/","title":{"rendered":"IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses"},"content":{"rendered":"\n<p>IR-2020-125, June 19, 2020<\/p>\n\n\n\n<p>WASHINGTON \u2014 The Internal Revenue Service today issued&nbsp;<a href=\"https:\/\/www.federalregister.gov\/documents\/2020\/06\/23\/2020-13506\/qualified-transportation-fringe-transportation-and-commuting-expenses-under-section-274\">proposed regulations<\/a>&nbsp;that provide guidance for the deduction of qualified transportation fringe and commuting expenses.<\/p>\n\n\n\n<p>The Tax Cuts and Jobs Act (TCJA) does not allow deductions for qualified transportation fringe (QTF) expenses and does not allow deductions for certain expenses of transportation and commuting between an employee&#8217;s residence and place of employment.<\/p>\n\n\n\n<p>The law also provided that a tax-exempt organization&#8217;s unrelated business taxable income is increased by the amount of the QTF expense that is nondeductible. However, on December 20, 2019, this was repealed as part of the Further Consolidated Appropriations Act of 2020. This repeal was retroactive to the original date of enactment by the TCJA.<\/p>\n\n\n\n<p>These proposed regulations specifically address the elimination of the deduction for expenses related to QTFs provided to an employee of the taxpayer. The proposed regulations also provide guidance and methodologies to determine the amount of QTF parking expense that is nondeductible.<\/p>\n\n\n\n<p>The guidance also includes definitions and special rules to clarify and simplify the calculations underlying the methodologies.<\/p>\n\n\n\n<p>For more information about this and other TCJA provisions, visit\u00a0<a href=\"https:\/\/www.irs.gov\/tax-reform\">IRS.gov\/taxreform<\/a>. <a href=\"https:\/\/www.irs.gov\/newsroom\/irs-issues-guidance-on-the-elimination-of-the-deduction-of-qualified-transportation-fringe-benefit-expenses\">https:\/\/www.irs.gov\/newsroom\/irs-issues-guidance-on-the-elimination-of-the-deduction-of-qualified-transportation-fringe-benefit-expenses<\/a><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2020-125, June 19, 2020 WASHINGTON \u2014 The Internal Revenue Service today issued&nbsp;proposed regulations&nbsp;that provide guidance for the deduction of qualified transportation fringe and commuting expenses. The Tax Cuts and Jobs [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-797","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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