IRS Releases Draft Publication 15-B

The Internal Revenue Service released a draft of the 2023 Publication 15-B, Employer’s Tax Guide to Fringe Benefits, on Jan. 6.

The publication includes updated information about transit benefits and contribution limits on health flexible spending arrangements for plan years starting in 2023. The IRS also included the standard mileage reimbursement rate for 2023.

The monthly exclusion for qualified parking is $300 for 2023, up from $280, and the monthly exclusion for commuter highway vehicle transportation and transit passes also is $300. The standard rate for transportation or travel expenses involving the business use of an automobile is 65.5 cents ...