The IRS has released guidance with respect to the issues related to the retroactive increase in the monthly transit benefit exclusion for 2014. The increase went from $130 per participating employee to $250 per participating employee for the period from January 1, 2014 through December 31, 2014. Due to the timing of the statutory change and in order to reduce administrative burden, the Service is providing a special administrative procedure for employers that treated excess transit benefits as wages and that have not yet filed their fourth quarter Form 941 for 2014 to make necessary corrections on their fourth quarter Form 941. This guidance is contained in Notice 2015-02.