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June 19, 2020

IRS issues proposed regulations on eliminating deduction for qualified transportation fringe benefit expenses

The IRS has issued proposed regulations (REG-119307-19) that would implement changes made by the Tax Cuts and Jobs Act to IRC Section 274. The TCJA eliminated the deduction for expenses for certain transportation and commuting benefits that employers provide to their employees in tax years beginning after December 31, 2017. A Tax Alert on the regulations is forthcoming.