Of course just when we are closing up for the holidays we get breaking news on H.R. 5771. President Obama has signed the bill that retroactively renews parity in transit and parking benefits back to January 1, 2014. As discussed in an earlier blog this month, the IRS will issue guidance on how to handle the taxes and Forms W-2. It will more than likely follow the same guidance they issued back in 2013 for 2012 when this happened last time.