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  • TFB v. FSA 2015 Limits

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    RideECO Commuter Benefit Program
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    While TFB and FSA programs operate similarly, they are not covered by the same IRS regulations, and cannot be administered the same way. Below is a basic comparison of these two types of programs.

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    TFB v. FSA 2015 limits

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    While TFB and FSA programs operate similarly, they are not covered by the same IRS regulations, and cannot be administered the same way. Below is a basic comparison of these two types of programs.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    44 Ansichten1 Seite

    TFB v. FSA 2015 Limits

    Hochgeladen von

    RideECO Commuter Benefit Program
    While TFB and FSA programs operate similarly, they are not covered by the same IRS regulations, and cannot be administered the same way. Below is a basic comparison of these two types of programs.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 1

    COMPARISON OF TRANSPORTATION FRINGE BENEFITS WITH

    FLEXIBLE SPENDING ACCOUNTS


    WhileTFBandFSAprogramsoperatesimilarly,theyarenotcoveredbythesameIRSregulations,andcannotbeadministeredthe
    sameway.Belowisabasiccomparisonofthesetwotypesofprograms*:

    TransportationFringeBenefit(TFB)

    FlexibleSpendingAccount(FSA)

    IRSCode132(f)
    Requiresnoplan
    Fundscanbecarriedintonextcalendaryear
    Canbefundedwithemployeepretaxdollars,
    asanemployerpaidbenefit(taxfreesubsidy),
    oracombinationofthetwo
    Limitof$130/monthlyor$1560annually(for
    transit);parkingis$250/monthly
    Shouldbeusedonlybyemployee
    Canbeimplementedanytimeduringtheyear

    TFBfundsmustbekeptseparatefromFSA
    funds
    UsuallyimplementedviaavoucherorStored
    ValueCard(SVC)program;sometimestransit
    passescanbepurchaseddirectly
    Voucherscanonlybeusedatauthorized
    transitagencysalesoutletsbuiltin(self)
    substantiation(Cashreimbursementis
    permittedunderverylimitedcircumstances)
    SVCscanonlybeusedattransitagencysales
    outletsandauthorizedfarevendingmachines
    specificMerchantIDsandTerminalIDscan
    ensurecompliance

    IRSCode125
    Requiresannualplan
    UseItorLoseIt(cannotcarryover)
    Mustuseemployeepretaxdollarstofund
    Limitof$2550annually(2015)foreachof
    HealthandDependentCareFSAs
    Canbeusedforemployeeand/orfamily
    members
    Canusuallyonlybeimplementedonce,and
    ataspecifictime,eachyear

    FSAfundscannotbeusedforTransportation
    FringeBenefitexpenses
    FSAsarefrequentlyadministeredviaStored
    ValueCards(SVCs)orreimbursementbycheck
    mostrequiresubstantiation
    UsuallyprogrammedwithMerchantIDsand
    (some)ProductIDstoensurecompliance
    FSASVCsgenerallydonothaveseparate
    pursesfortransitorparkingexpensescannot
    ensurecompliancewith132(f)regulations

    WHYTFBOVERFSA?
    ATransportationFringeBenefitadministeredbyaspecializedcompanyorthirdpartybenefits
    administratorwilllikelybecompliantspecificallywith132(f)regulations.Ifabenefitcompanysuggests
    a125planfortransit,theymaynotunderstandthedifferencesintheregulations;thereforethat
    companysproductisnotlikelytobecompliantwiththeIRSandemployeescouldbeofferedaninferior
    product.

    WHY

    RideECOhasbeenadministeredbytheDelawareValleyRegionalPlanningCommission(DVRPC)forover
    23years,andistheonlylocalandnonprofitbenefitprograminthegreaterPhiladelphiaregion.Our
    staffknowsthearea,itstransitnetworkandthebusinessenvironmenthere.Ourfeesarecompetitive
    andweoffertwowelldesignedprogramstomakeadministrationeasiestforeachclient.RideECO
    brandedvouchersandstoredvaluecardsprovidesafeselfsubstantiation(notrackingorreceipts
    necessary)andarefullycompliantwithIRSregulations.Formoreinformationonourprogram,goto
    www.RideECO.org.
    UpdatedbyDVRPCforRideECO2015

    *Pleasenote,thisdocumentisnotmeanttoconstitutetaxorlegaladvice.Pleasecontactalicensedprofessionalwithquestions.

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