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132 fringe benefits, except for qualified transportation fringe benefits and qualified moving expense reimbursements, are available on a tax-favored basis to 2% shareholders.
9) Generally applicable for taxable years beginning after December 31, 2001, the final regulations did make several significant changes worth highlighting, because they will affect how employers administer their qualified transportation fringe benefit plans.
The guidance document relating to qualified transportation fringe benefits in Section 132(f) is available at www.
This is welcome news, because for years employers have struggled with the uncertainties associated with administering qualified transportation fringe benefit plans, on a "salary reduction basis," without the benefit of adequate guidance.
Accor Services USA, leader in innovative employee benefits solutions and premier provider of national commuter benefit programs with its Commuter Check([R])and WiredCommute([R]) programs, today announced the availability of its new Commuter Check Card Prepaid MasterCard[R], a new prepaid card commuters can use in accordance with the Qualified Transportation Fringe Benefit (IRS Tax Code Section 132(f)) to pay for commuting and commute-related parking expenses.
Qualified transportation fringe benefit increase: The act increased the excludible amount of a qualified transportation fringe benefit from $120 to $230 per month (the same as the qualified parking amount) (Sec.
THE BENEFITS Qualified transportation fringe benefits include the following: * Transportation in a commuter highway vehicle, defined as any vehicle seating at least six adult passengers in which 80% of the mileage is for travel between employees' residences and the place of employment and when at least half the adult seating capacity is used for employees on such trips.
Yet only about one million people have caught on to IRS "Section 132(f)" or Qualified Transportation Fringe Benefit.