Tag: Transportation Benefit

Driving in to 2018

How Changes to the Mileage Reimbursement Rate and Qualified Transportation Benefits Will Impact Employers in 2018 On December 14, 2017, the Internal Revenue Service released the 2018 standard mileage rates used to calculate deductible costs of operating vehicles for business purposes. The rate increased by one cent  from 53.5 cents in 2017 to 54.5 cents…

Question: What is the tax rule regarding transportation benefits? If we want to reimburse employees for their monthly transit pass, does that count as employees’ income? Answer: The employer may assist employees in transportation to and from work and exclude the value of such a benefit from the employees’ taxable income. A qualified transportation fringe…