IRS Releases Notice 2015-02 on transportation benefits Notice 2015-02 provides guidance with respect to the retroactive increase in the monthly transit benefit exclusion under section 132(f)(2)(A) of the Internal Revenue Code from $130 to $250 for the period from January 1, 2014 through December 31, 2014.
IRS Releases Revenue Ruling 2014-32 on transportation benefits
On Friday November 21, 2014, the IRS released Revenue Ruling 2014-32. This guidance 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.
IRS Releases Annual Inflation Adjustments for 2015
The Internal Revenue Service announced the annual inflation adjustments for cafeteria plans on October 30, 2014. The Health Care FSA maximum has increased by $50. Learn more here.