Has anyone read the new Rev. Proc. on the transportation fringe benefit. What it is saying is any business with an employee parking lot has to identify expenses related to the parking lot, and allocate real estate tax, rent, mortgage interest to the parking lot and those expenses are not reportable as a tax deduction, but are a non deductible expense.
My search on this topic has led me here. I am reading some information about parking lots/facilities that would lead me to believe the amount spent on employee parking and customer parking if it is less than 50% of total parking would be considered non-deductible. Further more if the amount of parking expense per employee reaches over $260 then the amount is taxable to each employee as wages. This is a burdensome requirement to split out the parking lot from the rent costs, I'll be curious to see how people treat this going forward.
6-Feb-2019 6:12am
