The IRS recently published the 2024 IRS Publication 15-B, the Employer's Tax Guide to Fringe Benefits. This publication provides an overview of the taxation of fringe benefits and applicable exclusion, valuation, withholding, and reporting rules.
The IRS updates Publication 15-B each year to reflect any recent legislative and regulatory developments. Additionally, the publication provides the applicable dollar limits for various benefits for 2024.
The “What’s New” section of the publication includes:
Qualified parking exclusion and commuter transportation benefit. The monthly exclusion for qualified parking is $315, and the monthly exclusion for commuter highway vehicle transportation and transit passes is $315 in 2024.
Contribution limits for health FSAs. For plan years beginning in 2024, a cafeteria plan may not allow employees to request salary reduction contributions to health FSAs greater than $3,200.
The complete list of the IRS-released 2024 inflation-adjusted limits was covered in the December 7, 2023, edition of Compliance Corner.
Additionally, the publication includes important reminders, including additional permitted mid-election changes for health coverage under a cafeteria plan (Notice 2014-55).
Employers should be aware of the availability of the 2024 Publication 15-B.
IRS Publication 15-B »
PPI Benefit Solutions does not provide legal or tax advice. Compliance, regulatory and related content is for general informational purposes and is not guaranteed to be accurate or complete. You should consult an attorney or tax professional regarding the application or potential implications of laws, regulations or policies to your specific circumstances.
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