The new year will bring about new changes to laws, including relevant benefit tax laws that expire.
At least two welfare and fringe benefit federal tax rules expired on January 1, 2014. Many of these rules are subject to future legislative changes, even retroactively back to the beginning of 2014.
One Senate bill is attempting to make corresponding tax changes that likely would be retroactive (Senate bill 1859). This bill will include tax changes for (1) tuition assistance plans under Tax Code Section 222 and (2) mass transit programs under Tax Code Section 132. The mass transit rule allowed more parity with the parking exclusions providing up to $245 per month exclusion for benefits of mass transit.
If you need help with tax rules for fringe benefits, please contact Kinney & Larson.