The IRS has released Publication 15-B, Employer’s Tax Guide to Fringe Benefits, which covers the tax treatment of various fringe benefits in 2017. Changes in benefits for 2017 include a reduced standard mileage rate of 53.5 cents per mile and a higher employee contribution limit for medical FSAs of $2,600. There is no change in the tax-free monthly limit for transportation fringe benefits; free parking, transit passes, and vanpooling remain at $255 per month.
Barbara Weltman
Big Ideas for Small Business, Inc.
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