IRS Guidance on Retroactive 2014 Commuter Tax Break
The Internal Revenue Service released guidance, Notice 2015-2, on the retroactive commuter transit parity tax break Congress passed in December as part of the Tax Increase Prevention Act. The break for transit riders was increased to $250 a month retroactive to Jan. 1, 2014, and good through Dec. 31, 2014, up from $130 a month, to match the separate $250 a month break for parking.
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