Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has 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 Sec. 132(a)(5) and
(f). The guidance is intended to provide relief to mass transit providers that have been unable to update their present systems in order to comply with the revenue ruling guidelines prior to the current effective date of January 1, 2010. The effective date is delayed until January 1, 2011. However, employers and employees may rely on Rev. Rul. 2006-57 with respect to transactions occurring prior to January 1, 2011.

Notice 2009-95, 2010FED ¶46,202

Other References:

 
Code Sec. 132

  CCH Reference - 2009FED ¶7438.054

  CCH Reference - 2009FED ¶7438.75

  Tax Research Consultant

  CCH Reference - TRC COMPEN: 36,354