IRS Delays Transit Ruling Effective Date to January 1, 2011

Today, the IRS issued notice 2009-95 which announces the delay in the effective date of Revenue Ruling 2006-57. Revenue Ruling 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. The new effective date of Revenue Ruling 2006-57 is January 1, 2011.