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New Tax Law Limits Employer's Deduction for Qualified Transportation Fringe Benefit Expenses
Ice Miller LLP [Guidance Overview] Feb. 26, 2018 "[A]ny employer contribution to [a plan under Code section 132(f)] reduces the amount an employee can elect as a pre-tax amount for his or her commuting and parking benefits.... Employers may still take the deduction for these expenses if the employer treats the payments as taxable compensation to the employees.... [B]etween Jan. 1, 2018 and Dec. 31, 2025 employer reimbursements for bicycle commuting expenses are taxable wages for the employee. The sunset provision does not apply to the other qualified transportation fringe benefits." |
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