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Immediate Action Required for Employers Who Provided Transit Benefits to Employees in 2014
Dorsey & Whitney LLPLink to more items from this source
[Guidance Overview]
Jan. 16, 2015

"For employers with transit programs, ... amounts paid or reimbursed for qualified transit benefits above $130 in 2014, up to $250 per month, are now being treated as non-taxable. This has two primary effects: it (i) reduces FICA taxes due, and (ii) requires employers to revise the Forms W-2 for affected employees.... [E]mployees may not retroactively increase their monthly transit benefit elections for 2014 in response to the law change."

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