How the New S132 Tax Ruling Affects Employers
February 14, 2018
The Tax Cuts and Jobs Act, passed in December 2017, became effective on January 1, 2018. As a result of this Act, employers are no longer able to deduct amounts that are provided to employees through a Qualified Parking or Mass Transit Plan (S132 Plan). This does not change the employee’s ability to make contributions to a qualified plan on a pre-tax basis, and contributions made by the employer do not have to be reported as income.