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News EssentialsThe Newsroom TopicsIRS Resources | Issue Number: IR-2020-275Inside This IssueTreasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses WASHINGTON — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally disallows deductions for qualified transportation fringe (QTF) expenses and does not allow deductions for certain expenses of transportation and commuting between an employee's residence and place of employment. These final regulations address the disallowance of the deduction for expenses related to QTFs provided to an employee of the taxpayer, including providing guidance and methodologies to determine the amount of QTF parking expenses that is nondeductible. The final regulations also address the disallowance of the deduction for expenses of transportation and commuting between an employee's residence and place of employment. Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov. Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message. |
Wednesday, December 9, 2020
IR-2020-275: Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses
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