In a Notice, IRS has
provided guidance on how employers should handle the retroactive 2014 increase
by the Tax Increase Prevention Act of 2014 (TIPA, P.L. 113-295), in the monthly
exclusion for employer-provided transit and vanpooling benefits under Code Sec.
132(f)(2)(A), from $130 to $250. IRS clarifies how the increase applies for
2014 and provides a special administrative procedure for employers to use in:
(a) filing Form 941 (Employer's Quarterly Federal Tax Return) for the fourth
quarter of 2014 to reflect changes in the excludable amount for transit
benefits provided in all quarters of 2014; and (b) filing Forms W-2 (Wage and
Tax Statement). To read go our blog at
http://www.abataxaccounting.com/blog.php.
If you would like more details
about these changes or any other aspect of the new law, please do not hesitate
to call.
(651) 621-5777, (952) 583-9108, (612) 224-2476, (763)
269-5396
No comments:
Post a Comment