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Payroll Today

Better late than never: IRS releases 2019 tax and benefit amounts

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Alice Gilman

by on
in Payroll Today

The IRS usually releases its inflation adjustments to the tax rates and other fringe benefits in mid-October. This year we had to wait until mid-November for the numbers to drop.

And this should serve as a warning. The IRS may be equally late in issuing Notice 1036, which contains the withholding allowance amounts and the percentage method withholding tables. We’re keeping our usual obsessive eye on this.

Here’s how things shake out for next year.

Amounts for employees

The following popular fringe benefits have been adjusted for inflation:

  • The most employees can defer into their health flexible spending account increases $50, to $2,700. Note: If your FSA plan doesn’t have a grace period or allow employees to roll over up to $500, remind employees to use up their FSA funds by the end of the year; amounts unused by Dec. 31 will be forfeited.
  • The monthly amount employees may defer on a pretax basis for qualified...(register to read more)

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