Fringe benefits.Rev REV Revolution REV Reverse REV Reverend REV Revision REV Review REV Revised REV Revelations (bible) REV Reversal REV Revolver (Beatles album) REV Reverendo . Rul. 2006-57 sets out guidance for employers on the use of smartcards and debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. to provide qualified transportation fringe benefits fringe benefits, n.pl the benefits, other than wages or salary, provided by an employer for employees (e.g., health insurance, vacation time, disability income). under Sec. 132(f). In the ruling, four fact patterns illustrate whether employer-provided transportation benefits provided through smartcards, debit A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. or credit cards or other electronic media are excluded from gross income under Sec. 132(a)(5) and (f) and from wages for employment tax purposes. In three situations, the employer-provided benefits are excluded from gross income and wages for employment tax purposes; in the fourth case, the benefits are not excluded from gross income and are wages for employment tax purposes. The ruling is effective Jan. 1,2008, but employers and employees may rely on it before then. |
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