On December 10, 2018, the IRS released two related pieces of guidance that address the tax treatment of qualified transportation fringe benefits as modified by the 2017 tax reform reconciliation act.
This notice provides interim guidance for taxpayers to determine two things:
The guidance in this notice provides for waiver of tax additions for underpayment of estimated income tax for tax-exempt employers. This is allowable to the extent that they underpay their estimated income tax because of tax treatment changes for certain qualified transportation fringes.
If you have questions about how these changes could affect you or your organization, contact your Moss Adams professional or visit our dedicated tax reform page.