The Internal Revenue Service has issued final regulations on the deduction of transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act.
The 2017 law generally disallows deductions for such expenses and does not allow deductions for transportation and commuting expenses between an employee's residence and place of employment.
The final regulations address disallowance of the deductions of expenses related to such benefits provided to an employee of the taxpayer. They provide methodologies for determining the amount of nondeductible parking expenses.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind