What are the latest fringe benefits offered for qualified transportation in 2009!
The IRS has announced that, "beginning January 1, 2009, the monthly exclusion for commuter highway vehicle transportation and transit passes increased to $120 and the monthly exclusion for qualified parking increased to $230. Beginning March 1, 2009, the monthly exclusion for commuter highway vehicle transportation and transit passes increased to $230.
Furthermore, "beginning January 1, 2009, a taxpayer may be reimbursed for reasonable expenses of qualified bicycle commuting. Reasonable expenses include the purchase of a bicycle and bicycle improvements, repair, and storage. The exclusion for a calendar year is $20 multiplied by the number of qualified bicycle commuting months during that year.
A qualified bicycle commuting month is any month a taxpayer uses the bicycle regularly for a substantial portion of the travel between his or hers residence and place of employment and that taxpayer does not receive any of the other qualified transportation fringe benefits. A taxpayer is not entitled to this exclusion if the reimbursement for bicycle commuting is made under a compensation reduction agreement."