A valuable employee benefit got a little better for 2020. 
One category of benefits is for transportation in a commuter highway vehicle and any transit pass, now worth up to $270 per month. The second benefit is for parking expenses, also worth up to $270 per month (both benefits were limited to $265 per month in 2019). That means a company can now provide up to $540 in monthly tax-free benefits to each employee. If more is provided, the excess is treated as taxable compensation. Limitations apply to certain shareholder-employees of corporations. Contact us with questions.
© 2019