President Obama signs H.R. 4851, the "Continuing Extension Act of 2010"

Today, the IRS issued notice 2009-95 which announces the delay in the effective date of Revenue Ruling 2006-57 which provides guidance 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) of the Code.

Effective January 1, 2008, debit cards will only be accepted at healthcare related merchants, such as doctor and dentist offices, hospitals, vision care providers and pharmacies AND at retail merchants, such as grocery stores, discount stores and wholesale clubs, who have implemented an inventory information approval system (IIAS) as defined by Notice 2006-69, 2006-31 I.R.B. 107.