August 6, 2008 by Robert Tharp at 2:59:55 pm
Letting no good intention go untaxed
Some employers are trying to help struggling workers cope with high gas prices by offering gas cards redeemable at the pump. What many don't realize is that the value
of the cards is technically taxable income that can result in a painful surprise when it's time to file income tax returns, says Audrey Mross, who leads the Labor and Employment secton of Munck Carter in Dallas. "The IRS has rules regarding employers subsidizing mass transit and there are specific exemptions, but gas cards are not on the list," Mross says. To interview Ms. Mross about gas prices and the implications for employers, please contact Mark Annick at 800-559-4534 or mark@androvett.com.
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