Just when you thought it was safe to send your W-2s: The IRS employee transit benefit rule has arrived!
On December 18, 2015, Public Law No. 114-113 was born.This new law amended the Internal Revenue Code to retroactively (and permanently) adjust the limits on qualified transportation fringe benefits. On January 11, 2016, the Internal Revenue Service issued Notice 2016-6 to address employers’ questions regarding the implications of this law and the correction of employment tax withheld in 2015 on money which is now tax free.
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