January 22, 2015

IRS Provides Process to Address Retroactive Increase in Excludable Transit Benefits

On December 19, 2014, the Tax Increase Prevention Act of 2014 (TIPA) became law. TIPA included a retroactive increase for 2014 in the amount of transit benefits an employee could exclude from income, whether those benefits are paid directly by the employer or by the employee on a pre-tax basis. Read more here...