Posted in: Fringe benefits, Hiring & training staff, Special report, T&E, Tax compliance
The effective date for a major IRS ruling has been postponed.
IRS Revenue Ruling 2006-57 provides guidance for how you should treat debit, credit or smart cards that are used to provide qualified transportation fringe benefits. The ruling was intended to take effect on Jan. 1, 2009.
But because some transit systems are still getting their own computer systems up to speed, IRS is postponing the rule’s effective date to Jan. 1, 2010.
The good news: If your company is ready, you can still use the ruling for guidance for transactions that take place before the “official” effective date.
Click here to read the original ruling.