Here’s a way Accounting can help your company polish its “green” image.

As part of the Emergency Economic Stabilization Act of 2008, the feds made official a new transportation fringe benefit.  Here’s the scoop:  

For tax years starting after Dec. 31, 2008, your company can offer a “qualified bicycle commuting reimbursement” as a fringe. For any employees who regularly use their bikes to travel to and from work, you can reimburse up to $20 per month for costs related to buying, repairing and/or storing the bike.

Note: The $20 only applies to “qualified bicycle commuting months.” Although we don’t have a solid definition of that yet, it’s safe to assume employees will have to make a certain percentage of their commute by bike to qualify each month.

With gas still expensive and most folks looking for a way to cut costs, this is a nice little benefit your employer can offer — at relatively little cost.

Tags: A/P, Cutting costs, Fringe benefits, IRS, New laws, Payroll