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January 17, 2014

2014 Fringe Benefits Tax Guide (Publication 15B)

IRS Publication 15B, Employer’s Tax Guide to Fringe Benefits, has been updated for 2014.

Substantially similar to the 2013 version, Publication 15B for 2014 provides information on the employment tax treatment of various fringe benefits, including health coverage, HSAs, adoption assistance, dependent care assistance, educational assistance, employee discount programs, group term life insurance, company cars, commuter benefits and more. It also includes information on other employment taxes not directly related to fringe benefits, such as the additional Medicare tax withholding on wages in excess of $200,000.

The new Publication 15B reflects 2014 dollar amounts for various benefit limits and definitions, such as the monthly limits under qualified transportation plans, maximum out-of-pocket expenses for high-deductible health plans, maximum contributions permitted to HSAs, and the 2014 standard mileage rate. A “What’s New” section highlights recent decisions such as IRS guidance on same-sex marriage and changes to the use-or-lose rule for health FSAs, but does not discuss these in detail.