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IRS Limits Scope of Transit Exclusion's Retroactive Increase
HR Daily AdvisorLink to more items from this source
Jan. 22, 2015
"[A] limited number of entities will benefit from the retroactive allowance -- namely, companies with qualified transportation fringe benefits that provided an 'excess transit benefit' during 2014. That term refers to any amount in mass transit benefits -- either delivered to the employee through a compensation reduction agreement or funded by the employer -- in excess of the $130 monthly limit that was in place as of Jan. 1, 2014, up to the new limit applied retroactively, which is $250 per month.... The guidance, which provides a special administrative procedure for certain employers to claim refunds of employment tax overpayments, only applies to employers that administered their QTFBs by allowing an excess transit benefit while including the excess amount as taxable wages."

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