1/17/2013

When the American Taxpayer Relief Act of 2012 retroactively reinstated parity between the benefits for parking and the benefit for transportation in a commuter highway vehicle or a transit pass, it was unclear how taxpayers would be able to get a refund for FICA tax paid on 2012 excess transit benefits. The Internal Revenue Service has now provided simplified procedures for employers to use for the fourth quarter of 2012 to reflect the changes in the excludable amount for transit benefits provided in all quarters of 2012.

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