The draft of the 2024 federal tax guide for fringe benefits was released Nov. 17 by the Internal Revenue Service and contains changes to many of the tax thresholds within.
The 2024 mileage rate is, however, represented by a placeholder in the 2024 Publication 15-B, Employer’s Tax Guide to Fringe Benefits.
Other thresholds that were updated include the monthly exclusion limit for qualified parking and transportation benefits, the contribution limit for health flexible spending accounts, and the definitions of key and highly-compensated employees, where relevant.
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