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April 26, 2022

IRS publishes TE/GE Issue Snapshot on qualified parking fringe benefits

The IRS has posted a new Tax Exempt and Government Entities Issue Snapshot addressing qualified parking fringe benefits. The Issue Snapshot instructs IRS employees to: (1) determine whether the taxpayer provided employer-provided parking for any of their employees and obtain a list of employees entitled to receive employer-provided parking; and (2) determine if the employer includes any portion of the parking benefit in employee wages and what method the employer used to value that benefit.