December 17, 2010 at 07:00 PM
The Internal Revenue Service is giving mass transit systems more time to comply with new transportation fringe benefits requirements.
The IRS has announced a new effective date for a 2006 ruling, Revenue Ruling 2006-57, in IRS Notice 2010-94.
The ruling sets rules for substantiating that debit cards are being using to pay for transit costs and not for other goods services and services, such as restaurant meals or hair cuts.
The IRS will be giving transit providers until Jan. 1, 2012, to comply with the substantiation requirements. The previous effective date was Jan. 1, 2011, and the original effective date was Jan. 1, 2008.
- Allison Bell
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