The IRS issued two pieces of interim guidance with respect to the new treatment of qualified transportation fringe benefits following the changes made by the Tax Cuts and Jobs Act (Tax Act). The Tax Act required parking provided by an employer to be treated either as a non deductible expense by the employer (or as unrelated business taxable income (UBTI) in the case of a tax-exempt employer) or as taxable income by the employee. The interim guidance is intended to address certain concerns expressed by tax-exempt organizations regarding the penalties associated with failure to pay quarterly estimated taxes in 2018 in connection with the new tax treatment of qualified transportation fringe benefits.