IRS Guidance for Fringe Benefit Deduction Changes in the Works

The IRS is writing guidance for the new tax law’s cuts to fringe benefit deductions, such as for employee transportation expenses, though it isn’t clear when such guidance will be released, agency officials said.

“These are issues that we will be looking at, in addition to looking at the current regulations and seeing what has to be changed,” Kathleen Reed, chief of Branch 7 of the Internal Revenue Service Office of Chief Counsel (Income Tax & Accounting), said Feb. 9 at the American Bar Association Section of Taxation’s meeting in San Diego.

“We do have a guidance project open” for ...