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IRS Releases Notice Delaying Effective Date of Smartcard Guidance for Transportation Benefits

The Internal Revenue Service (IRS) has released Notice 2008-74, delaying the effective date of Revenue Ruling 2006-57 which provides guidance to employers on the use of smartcards, debit, or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. This guidance is intended to provide relief to mass transit providers that are currently finding it difficult to update their present systems in order to comply with the Revenue Ruling guidelines prior to the current effective date of January 1, 2009. The effective date of Revenue Ruling 2006-57 is further delayed until January 1, 2010.

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