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House Passes COBRA Subsidy Extension Bill

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.

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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 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.

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IRS Announces Medical Mileage Rate for 2010

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.

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