The IRS has released the 2024 Publication 15-B, the Employer's Tax Guide to Fringe Benefits. Publication 15-B offers employers an overview regarding taxation of fringe benefits and applicable exclusion, valuation, withholding, and reporting rules.

Publication 15-B is updated each year to reflect any legislative and regulatory developments and provides applicable dollar limits for various benefits for 2024.

The “What’s New” section includes:

• The 2024 business mileage rate under the “cents-per-mile rule.”
• Monthly exclusion for qualified parking and commuter transportation benefits.
• The contribution limit on a health flexible spending arrangement (FSA).

The 2024 COLA’s were previously covered in the November Benefit Beat.

Publication 15-B contains valuable information for employers and they should be aware of the updated version.

The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations. This information is provided as general guidance and may be affected by changes in law or regulation. This information is not intended to replace or substitute for accounting or other professional advice. You must consult your own attorney or tax advisor for assistance in specific situations. This information is provided as-is, with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.