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IRS Announces Procedures Relating to Retroactive Increase in 2012 Transit Benefit Income Exclusion
McGuireWoods Link to more items from this source
[Guidance Overview]
Jan. 20, 2013

"The Notice provides a special administrative procedure for employers who have not yet filed Form 941 (Employer's Quarterly Federal Tax Return) for the fourth quarter of 2012; and have repaid or reimbursed employees for FICA taxes on excess transit benefits. These employers may use the fourth quarter Form 941 to account for the increased amount excludable from wages and the resultant decrease in FICA taxes for all quarters in 2012."

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