Wednesday, November 2, 2016
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Comprehensive Service
On October 25, 2016, the Internal Revenue Service (IRS) announced via Revenue Procedure 2016-55 the dollar limitation on employee salary reductions for contributions to health flexible spending accounts; the monthly limitations regarding the aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and any transit pass and the fringe benefit exclusion amount for parking; and the maximum amount that can be excluded from an employee’s gross income for the amounts paid for qualified adoption expenses furnished pursuant to an adoption assistance program.