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Parking Expense and Food Cost Relief Could Be on the Way
Posted by Brad Jolie on Mon, Sep 23, 2019 @ 03:01 PM

The 2017 tax reform law ushered in new tax cuts, but it also did away with some common write-offs for business expenses. As companies and their tax advisors unpacked what is commonly known as the Tax Cuts and Jobs Act (TCJA), the elimination of two benefits in particular stuck out: deductibility of parking expenses and certain employer-provided food costs. Because these expenses are no longer deductible, they do not help to lower your year-end tax bill. The IRS is cognizant of taxpayer pleas for change and may be remodeling its approach so that taxpayers can find at least partial relief.

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Topics: tax, Taxes, Brad Jolie, Tax Cuts and Jobs Act, TCJA, parking tax

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