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

Contact Vision Payroll if you any questions on Publication 15-B.