WASHINGTON - The U.S. House of Representatives overwhelmingly approved legislation Wednesday that would extend the federal subsidy of COBRA health insurance premiums for employees who are involuntarily terminated.
Today, the IRS issued notice 2009-95 which announces the delay in the effective date of Revenue Ruling 2006-57 which provides guidance 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 IRS has announced that the standard mileage rate for use of an automobile to obtain medical care will be 16.5 cents per mile for 2010. This is a 7.5 cent decrease from the 2009 rate of 24 cents. An IRS press release attributes the decrease to a general reduction in transportation costs.
WASHINGTON — The Senate Finance Committee will discuss controversial options that include curbing the tax-favored status of employer-provided health care coverage, wiping out health care flexible spending accounts and placing new restrictions on health spending accounts when it meets Wednesday.
IRS Notice 2009-27 provides guidance on the premium assistance for COBRA continuation coverage under section 3001 of the American Recovery and Reinvestment Act of 2009 (ARRA), Public Law 111-5, enacted February 17, 2009.
The American Recovery and Reinvestment Act of 2009, also referred to as the Stimulus Bill, temporarily increases the amount of 132 transit pass and vanpooling benefits that can be excluded from an employee's income. This is accomplished by raising the combined monthly limit for transit pass and vanpooling benefits to the monthly limit for qualified parking expenses.