NEWS
Qualified Transportation Fringes
Internal Revenue Service Further Delays Effective Date of Transit Smartcard and Debit Card Ruling to January 1, 2010
The Internal Revenue Service has recently announced that they will further delay the effective date of Revenue Ruling 2006-57, 2006-47 I.R.B. 911 from January 1, 2009 to January 1, 2010. This delay is necessary to give transit systems additional time to update their systems to comply with the voucher requirement set forth in the ruling. This delay also gives employers additional time to transition to the use of transit vouchers, smartcards, terminal restricted debit/credit cards and/or other electronic media to provide pre-tax transit benefits.
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