IRS Allows Advance Distribution of Transit Passes

Employers now can distribute tax-free mass-transit passes to their employees more than one month in advance. IRS Announcement 2000-78 changed the distribution requirement in proposed regulations that would have exempted transit passes from taxes only for the month in which they were actually distributed to employees.

Employers now may distribute transit passes (valued at $65 per month for 2001), as qualified transportation fringe benefits, for more than one month without negating the tax-free status of the passes. For example, an employer may distribute transit passes quarterly. However, if the employee holding advance passes terminates his or her employment before using all of them, and the employer does not recover their value, the employee will be liable for taxes on the remaining passes.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.