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Post details: Effective Date of Transportation Fringe Benefit Electronic Media Rules Postponed (Notice 2008-74)
09/04/08
Effective Date of Transportation Fringe Benefit Electronic Media Rules Postponed (Notice 2008-74)
CCH (cch.taxgroup.com) reports:
The IRS has again delayed the effective date of Rev. Rul. 2006-57, 2006-2 CB 911, which provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringe benefits under Code Secs. 132(a)(5) and
132(f). The guidance was originally scheduled to go into effect January 1, 2008, but that date was pushed back to January 1, 2009, by Notice 2007-76, 2007-40 I.R.B.
735, to provide relief for mass transit providers that found it difficult to update their systems to comply with the new rules. The IRS has now pushed the effective date back again, this time to January 1, 2010, for the same reason. Nevertheless, employers and employees may rely on Rev. Rul. 2006-57 with respect to transactions occurring prior to January 1, 2010.
Notice 2008-74, 2008FED ¶46,558
Other References:
Code Sec. 132
CCH Reference - 2008FED ¶7438.054
CCH Reference - 2008FED ¶7438.75
Tax Research Consultant
CCH Reference - TRC COMPEN: 36,354
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