On January 11th, 2016, the IRS issued guidance to help clarify how the retroactive increase in excludable tax benefits applies for 2015. We encourage all clients to read the full text of the guidance, as it outlines detailed procedures and examples that may apply to your specific situation. Here is a brief overview of the […]Continue Reading →
Posts Tagged 'transportation benefits'
As part of the federal budget bill that was signed into law on December 18th, 2015, the maximum monthly tax exclusion for employer-provided mass transit benefits was increased. As a result, the limit for transit benefits is now equal to the limit for employer-provided qualified parking benefits. The increase applies retroactively to months after 2014. […]Continue Reading →