IRS Delays Use Of Smartcards For Transportation Expenses
The IRS has announced that they have again delayed the effective date of Revenue Ruling 2006-57, originally released in November 2006. The Ruling provides guidance to employers on the use of items like smartcards, debit or credit cards to provide qualified transportation fringes under Internal Revenue Code §§ 132(a)(5) and 132(f). The basic idea behind…