Irs Code Section 132

These include fringe benefits which qualify as a no additional cost service qualified employee discount working condition fringe de minimis fringe qualified transportation fringe qualified moving expense reimbursement qualified retirement planning services or qualified military base realignment and closure fringe.

Irs code section 132. These benefits include mass transit benefits van pools qualified parking and some other commuter benefits. Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. A benefit an employer provides on behalf of an employee is taxable to the employee even if someone other than the employee such as a spouse or a child receives the benefit.

A exclusion from gross income. 132 c 1 b in the case of services 20 percent of the price at which the services are being offered by the employer to customers. Expenses exceeding 5 250 may be excluded from tax under irc section 132 d.

132 c 1 a in the case of property the gross profit percentage of the price at which the property is being offered by the employer to customers or i r c. Section 132 f 2 9 provides a monthly limit on the amount of the fringe benefit provided by the employer which may be excluded from an employee s gross income under 132 a 5. Certain fringe benefits on westlaw.

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. For purposes of section 132 h 2 b now 132 j 2 b of the internal revenue code of 1954 now 1986 a leased section of a department store which in connection with the offering of beautician services customarily makes sales of beauty aids in the ordinary course of business shall be treated as engaged in over the counter sales of property. Employees save on federal income taxes.

Employers save on payroll related taxes. Internal revenue code section 132 provides eight types of fringe benefits that are excluded from gross income. Qualified transportation fringe benefits section 132 f of the internal revenue code or commuter tax benefits are like money in the bank.

The internal revenue code allows employers to offer nontaxable qualified transportation fringe qtf benefits under sec. For more detailed codes research information including annotations and citations please visit westlaw. Internal revenue code section 132 d certain fringe benefits.