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IRS Addresses 2015 Increase in Transportation Benefits
Practical Law Company [Guidance Overview] Jan. 13, 2016 "Normally, an employer that reports excess transit benefits as includible in gross income and wages, and withholds income and FICA taxes, must make corrections by filing Form 941-X for each quarter in which the error occurred. However, Notice 2016-6 provides a special administrative procedure that employers may use if they: [1] Treated excess transit benefits as wages in 2015. [2] Have not yet filed Form 941 for the fourth quarter of 2015. [3] Repay or reimburse employees for any overcollected FICA tax for all four quarters of 2015 on or before filing the fourth quarter Form 941." |
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