Final regulations released to Federal Register: Parking deduction limitations under section 274
Parking deduction limitations under section 274
The U.S. Treasury Department and IRS today released for publication in the Federal Register final regulations (T.D. 9939) addressing deduction limitations under section 274 for expenses related to qualified transportation fringe benefits, such as parking. In addition, the final regulations address the deduction elimination for certain commuting expenses paid by employers for their employees.
Read the final regulations [PDF 336 KB] (19 pages as published in the Federal Register on December 16, 2020)
The IRS on December 9, 2020, posted a version of these final regulations on its website. Read a report of initial impressions based on the December 9, 2020 version of the final regulations: TaxNewsFlash
The earlier “IRS version” of the final regulations includes the following statement:
This document will be submitted to the Office of the Federal Register (OFR) for publication and will be pending placement on public display at the OFR and publication in the Federal Register. The version of the final regulations released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.
Read a computer-generated document [PDF 770 KB] that provides a comparison of the version of the final regulations submitted today for publication in the Federal Register against the version posted by the IRS on December 9, 2020. This unofficial document was produced by KPMG for the purpose of showing what changes, if any, were made to the regulations prior to being released to the Federal Register for publication. It has not been reviewed for accuracy.
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