Qualified Transportation Fringe Benefits in Place of Pay

For tax years beginning after 1997, you can exclude qualified transportation fringe benefits from an employee's wages even if you provide them in place of pay. For more information, see chapter 4 in Publication 535.

Deferred Compensation

Accrual method employers generally can deduct for a tax year accrued amounts, such as vacation pay and severance pay, they pay employees within 2.5 months after the end of the tax year. For tax years ending after July 22, 1998, these amounts are not considered paid until the employees actually receive them.

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