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Text of IRS Notice 2015-02: Application of Retroactive Increase in Excludable Transit Benefits (PDF)
Internal Revenue Service [IRS]Link to more items from this source
[Official Guidance]
Jan. 8, 2015
"This notice provides guidance related to the enactment of section 103 of the Tax Increase Prevention Act of 2014 (TIPA), which increased the monthly transit benefit exclusion under Section 132(f)(2)(A) of the Internal Revenue Code from $130 per participating employee to $250 per participating employee for the period of January 1, 2014, through December 31, 2014. To address employers' questions regarding the retroactive application of the increased exclusion for 2014 and to reduce filing and reporting burdens, the [IRS] is clarifying how the increase applies for 2014 and providing a special administrative procedure for employers to use in filing Form 941, Employer's QUARTERLY Federal Tax Return, for the fourth quarter of 2014 to reflect changes in the excludable amount for transit benefits provided in all quarters of 2014 and in filing Forms W-2, Wage and Tax Statement."

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