Irc Section 132

Qualified transportation fringe benefits section 132 f of the internal revenue code or commuter tax benefits are like money in the bank.

Irc section 132. 1954 including subsection f now h thereof of one member of an affiliated group as defined in section 1504 of such code hereinafter referred to as the first corporation and. A benefit provided on behalf of an employee is taxable to an employee even if the benefit is received by someone other than the employee such as a spouse or a child. Commuter highway vehicle and transit pass.

For more detailed codes research information including annotations and citations please visit westlaw. Internal revenue code 132. Was an employee within the meaning of section 132 of the internal revenue code of 1986 formerly i r c.

1954 including subsection f thereof of one member of an affiliated group as defined in section 1504 of such code hereinafter referred to as the first corporation and. Internal revenue code section 132 provides eight types of fringe benefits that are excluded from gross income. Section 132 f 1 provides that the term qualified transportation fringe means 1 transportation in a commuter highway vehicle between home and work 2 any transit pass and 3 qualified parking.

Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. Irs section 132 allows employees to pre tax eliminate payroll taxes on qualified commuter expenses which generally include payments for the use of mass transportation for example train subway bus fares and for parking see further details below. A was an employee within the meaning of section 132 of the internal revenue code of 1986 formerly i r c.

Section 132 a 5 provides that any fringe benefit that is a qualified transportation fringe is excluded from gross income. Certain fringe benefits on westlaw. Employers save on payroll related taxes.

Excluded from tax under irc 132. The monthly limits under section 132 f for tax years beginning in 2020 compared with 2019 are.