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Breaking News--Increased 132 Transit Limits for 2009 Just Announced
The qualified transportation monthly limits for 2009 are increased to $120 for commuter transit and $230 for parking. (See Rev. Proc. 2008-66.)
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IRS Issues Guidance on FSA Distributions for Military Reservists
IRS Notice 2008-82 was issued jointly by the Treasury Department and the Internal Revenue Service (IRS) and provides guidance for “qualified reservist distributions” (QRDs) that are provided for in the Heroes Earning Assistance and Relief Tax Act of 2008 (HEART).
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IRS Delays Implementation of Transportation and Debit Card Regulations
The purpose of this notice is to delay the effective date of Revenue Ruling 2006-57, 2006-2 C.B. 911. 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 Internal Revenue Code §§ 132(a)(5) and 132(f).
Read more … IRS Delays Implementation of Transportation and Debit Card Regulations