November 22, 2014
November 21, 2014
November 20, 2014
Update on Fiscal Cliff Commuter Tax Benefits
On January 4, we blogged about the American Taxpayer Relief Act of 2012’s (the “Act”) increases in the pre-tax contribution that commuters may make towards van pools as well as transit passes.
On January 11, 2013, the IRS released Revenue Procedure 2013-15, which clarifies that the 2013 limit for van pools and transit passes is $245, effective January 1, 2013.
The IRS still has yet to announce how to apply the increase retroactive to January 1, 2012, given that the 2012 tax year has come to a close. We will keep you informed of additional developments.
For more information, please see the IRS website here.