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Immediate Action Required to Maximize Tax Savings for Mass Transit Benefits
Morgan Lewis Link to more items from this source
Jan. 16, 2015

"Congress and the IRS have expanded the availability and procedures for maximizing the income tax and FICA tax exclusion for mass transit benefits, but immediate action is required to satisfy the IRS special relief provisions for 2014 as well as to qualify for the anticipated expansion of the maximum 2015 tax benefits for the mass transit component of qualified transportation fringe benefits.... To the extent that any employer is currently using a cash reimbursement program for mass transit benefits, that program must be discontinued by the end of 2015. If not, the cash reimbursements will be fully taxable for both income tax and employment tax purposes."

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