• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

IRS green-lights transit benefits

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Does your company offer benefits to commuters who take a train or bus or ride in a vanpool to work? Under the American Taxpayer Relief Act (ATRA), the $125 monthly tax exclusion for employer-provided mass transit and vanpooling benefits has been hiked up to match the $240 monthly exclusion for parking fees, retroactive to Jan. 1, 2012.

But ATRA didn’t explain how employers should handle this retroactive increase for the 2012 tax year. Now the IRS has issued valuable guidance to employers. (IRS Notice 2013-8) The new guidance also allows a “simplified administrative procedure” for certain employers that treated excess transit benefits as taxable wages for 2012. Access more information here.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/34676/irs-green-lights-transit-benefits "

Leave a Comment