The Internal Revenue Service (IRS) recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits.
Publication 15-B Focuses on Taxation of Fringe Benefits
Publication 15-B provides an overview of fringe benefits as well as sections on fringe benefit exclusion rules and fringe benefit valuation rules. In addition, guidelines for withholding, depositing, and reporting taxable non-cash fringe benefits are also provided.
New Items for 2011
There are several new items in the revised Publication 15-B. Among them are changes in the following areas:
- Combined Commuter Highway and Transit Passes Exclusion
- Benefits for Volunteer Firefighters and Emergency Medical Responders
- Simple Cafeteria Plans
- Cents-per-Mile Rule
Publication 15-B Is a Supplement To Publication 15