Amano Cincinnati, Inc., a leading developer of parking, access control, and time-based solutions for business and industry, announced that the IRS Section IRC 132(f)(2(B) Rev. Proc. 2003-85 Fringe Benefit can be effectively utilized with Amanos iParc web-based facility management solution.
Parkers can set aside $200 of tax-free income to pay for their parking at or near an employer’s business. The benefits also include $105 tax-free for transit benefits. This benefit covers the employee only. Examples include employees that have to pay for parking where they work and or transit commuters, whether by bus, train, boat or vanpool. The Transit Plans have two accounts: Transit Passes including Vanpooling and Parking.
1. Transit Passes:any pass, token, fare card, voucher, or similar item entitling a person to transportation if it is on a mass transit facilities or provided in a highway vehicle eligible for use in vanpooling. The Transit Pass monthly maximum contribution is $105 in 2005. Vanpooling: transportation to and from an employee’s residence, but only if in a “commuter highway vehicle” that seats at least six adults plus the driver. Vanpooling is within the Transit Passes monthly maximum contribution.
2. Qualified Parking:parking provided to an employee at or near the employer’s business premises. It also includes parking at or near a location from which the employee commutes to work by mass transit, vanpooling, in a commuter highway vehicle, or by carpool. Parking at or near the employee’s home doesn’t qualify. The Qualified Parking monthly maximum contribution is $200 in 2005.
Amano takes full advantage of this new benefit with its new web-enabled iParc software. Within the software, there is an optional Contract Management plug-in that can link discounts such as this IRS benefit to parkers accounts. This is a great feature to parkers that never knew about these benefits. Amano’s technologically advanced software is also scalable, meaning it can manage a single lot, all the way up to a national, multi-facility centralized system.