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Greenline Wealth Management
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Defined Contributions Compliance Consultant Loren D. Stark Company (LDSCO)
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Senior Specialist 401k Recordkeeping T Bank N.A.
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TPA Retirement Plan Consultant EPIC RPS (TPA/DPS)
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Text of IRS Rev. Rul. 2014-32: Qualified Transportation Fringe Benefits Using Smartcards, Restricted Debit Cards, Cash Reimbursement Arrangements (PDF)
Internal Revenue Service [IRS] [Official Guidance] Nov. 21, 2014
Revenue Ruling 2014-32 updates previous guidance on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringe benefits to employees. This revenue ruling also provides guidance on the use by employees of debit cards for paying mandatory shipping fees on transit passes. Finally, the revenue ruling provides that after December 31, 2015, employers may no longer provide qualified transit fringe benefits under a bona fide cash reimbursement arrangement in cases in which a terminal-restricted debit card is the only readily available transit pass in the employer's geographic area.
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