Update on Fiscal Cliff Commuter Tax Benefits
On January 4, we blogged about the American Taxpayer Relief Act of 2012’s (the “Act”) increases in the pre-tax contribution that commuters may make towards van pools as well as transit passes.
On January 11, 2013, the IRS released Revenue Procedure 2013-15, which clarifies that the 2013 limit for van pools and transit passes is $245, effective January 1, 2013.
The IRS still has yet to announce how to apply the increase retroactive to January 1, 2012, given that the 2012 tax year has come to a close. We will keep you informed of additional developments.
For more information, please see the IRS website here.
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