Delay of Guidance On Implementing Electronic Media for Qualified Transportion Fringe

Notice 2009-95 delays the effective date for compliance with Revenue Ruling 2006-57 which provides guidance on the use of smartcards, debit cards, charge cards and other electronic media to provide qualified transportation fringe benefits.

Document Excerpt

This notice delays the effective date of Revenue Ruling 2006-57. Revenue Ruling 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. This 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 of Revenue Ruling 2006-57 is further delayed until January 1, 2011. Revenue Ruling 2006-57 is modified.

 

Link http://www.irs.gov/pub/irs-drop/n-09-95.pdf

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