Qualified Parking Benefits

[Guest jgroves]

Want to start up Qualified Parking Reimbursement. I know how to apply the benefit as pre-tax, set the limit and all that stuff. What I'm looking for is a definitive answer to this question: For Qualified Parking Reimbursement (at a train station or at or near work premises) how often are receipts needed? One per month, once per quarter, twice a year, once a year? I know there has been some back and forth on this but I have never seen anything put out by the "big guys". PLEASE RESPOND IF YOU KNOW!!

[Guest jgroves]

OK, 39 looks but no responses. Lets try this...I'm going to implement a parking reimbursement program. It will reimburse the taxes on the amount an employee pays to park on or near work premises or at a parking lot where that person takes mass transit. No problem so far. I am going to require the individual to submit a receipt for expenses once a year and make it coincide with open season (or some other yearly event). The receipts can be for monthly, weekly or daily. The reimbursement will occur once per month so the amount must be brought out to a montly figure (e.g. pay $2/day for parking, would be 2X10(two week period)X26(pay periods in a year)divided by 12 (for a monthly amount) = $43.

Anyone see any problems with that???

[Guest mdrucker]

Receipts are not always available, ie parking meters, so the real issue is the timing of the program you set up. Timing of the deductions and the reimbursements, monthly is a logical choice. You can contact me through my company's website to discuss further.

Mike

[Guest jgroves]

The final reg's are out but they once again don't spell out how often receipts are needed. From what I read, it seems like we can ask for a receipt one time and that's that. Even better, if a receipt is not available, the emoployee can just sign something saying that no receipt is available but it does fall into the qualified parking territory.