Notice 2009-95 by ProQuest

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Notice 2009-95 delays the effective date of compliance with Rev. Rul. 2006-57, which provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under Sections 132(a)(5) and (f).

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									Exempt and Government Entities), al-            Ruling 2006–57 until January 1, 2009.          under § 431(c)(6)(E)(ii)(I), and the min-
though other Treasury and IRS officials         See Notice 2007–76, 2007–2 C.B. 735.           imum present value segment rates under
participated in its development. For fur-       In 2008, Treasury and the IRS further de-      § 417(e)(3)(D) as in effect for plan years
ther information on the provisions of           layed the effective date of Revenue Ruling     beginning after 2007.
this notice, contact Keith Ranta at (202)       2006–57 until January 1, 2010. See Notice
927–9639 (not a toll-free call). For further    2008–74, 2008–38 I.R.B. 718. Certain           CORPORATE BOND WEIGHTED
information about the Office of the Special     transit systems need additional time to        AVERAGE INTEREST RATE
Master for TARP Executive Compensa-             complete the process of adapting their
                                                                                                   Sections       412(b)(5)(B)(ii)       and
tion, contact that office at (202) 622–0667.    technology to achieve compatibility with
                                                                                               412(l)(7)(C)(i), as amended by the Pen-
                                                the requirements for vouchers. There-
                                                                                               sion Funding Equity Act of 2004 and by
                                                fore, the ruling’s effective date is further
                                                                                               the Pension Protection Act of 2006 (PPA),
Qualified Transportation                        delayed until January 1, 2011. Never-
                                                                                               provide that the interest rates used to cal-
Fringes                                         theless, employers and employees may
                                                                                               culate current liability and to determine
                                                rely on Revenue Ruling 2006–57 with
                                                                                               the required contribution under § 412(l)
Notice 2009–95                                  respect to transactions occurring prior to
                                                                                               for plan years beginning in 2004 through
                                                January 1, 2011.
                                                                                               2007 must be within a permissible range
   This notice delays the effective date of         The principal author of this notice is
                                                                                               based on the weighted average of the rates
Revenue Ruling 2006–57. Revenue Rul-            Syd Gernstein of the Office of Associate
                                                                                               of interest on amounts invested conser-
ing 2006–57 provides guidance to employ-        Chief Counsel (Tax Exempt & Govern-
                                                                                               vatively in long term investment grade
ers on the use of smartcards, debit or credit   ment Entities). For further information re-
                                                                                               corporate bonds during the 4-year period
cards, or other electronic media to provide     garding this notice, contact Syd Gernstein
                                                                                               ending on the last day before the beginning
qualified transportation fringes under sec-     at (202) 622–6040 (not a toll-free call).
                                                                                               of the plan year.
tions 132(a)(5) and (f) of the Code. This
                                                                                                   Notice 2004–34, 2004–1 C.B. 848, pro-
guidance is intended to provide relief to
                                                                                               vides guidelines for determining the cor-
mass transit providers that have been un-       Update for Weighted Average
                                                                                               porate bond weighted average interest rate
able to update their present systems in or-     Interest Rates, Yield Curves,                  and the resulting permissible range of in-
der to comply with the R
								
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