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Income Taxes › Transit Benefits

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
McDermott Will & Emery

Form W-2 and 941 Actions May Be Required Immediately for Retroactive Increase in Section 132 Transit Benefits

McDermott Will & Emery on

The Consolidated Appropriations Act of 2016 (the Act) retroactively increased the 2015 employer and employee Federal Insurance Contributions Act (FICA) and Federal Income Tax exclusion limit for transit benefits, from $130...more

Davis Wright Tremaine LLP

Transit Benefit Retroactive Relief Requires Immediate Employer Action

Davis Wright Tremaine LLP on

The American Taxpayer Relief Act (“ATRA”) of 2013 increased the monthly transit benefit exclusion from $125 to $240 per employee, retroactive to Jan. 1, 2012....more

Proskauer Rose LLP

American Taxpayer Relief Act Affects Mass Transit Benefits and Other Employee Benefits

Proskauer Rose LLP on

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 ("ATRA") into law. ATRA, adopted as an alternative to stepping over the "fiscal cliff," preserves most of the Bush-era tax cuts and...more

FordHarrison

Legal Alert: Correcting 2012 Withholding Errors

FordHarrison on

One of the changes made by the American Taxpayer Relief Act ("ATRA") was to restore the $240 monthly limit on employer-provided transit passes or commuting transportation, which had reverted to $125 as of January 1, 2012. ...more

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