IRS Issues Draft 2021 Employer’s Tax Guide to Fringe Benefits

A draft of the 2021 employer’s guide to fringe benefits was issued by the Internal Revenue Service Jan. 27.

The draft 2021 Publication 15-B, “Employer’s Tax Guide to Fringe Benefits,” includes information about transit benefits and contribution limits on health flexible spending arrangements for plan years starting in 2021. The monthly exclusion for qualified parking is $270, unchanged from 2020, and the monthly exclusion for commuter highway vehicle transportation and transit passes is $270, also unchanged from 2020. The standard rate for transportation or travel expenses involving the business use of an automobile is 56 cents per mile, down ...