IRS Releases Benefit Limits for 2020

Today, the Internal Revenue Service announced in Revenue Procedure 2019-44 the annual inflation adjustments for more than 60 tax provisions for 2020, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments: There are several benefit limitations for 2020 included: * The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) increases to $2,750. *The amount for the adoption credit or the amount excluded for adoption assistance allowed for an adoption of a child with special needs is increased to $14,300. *The dollar amount for employee health Insurance expense of small employers is $27,600. This… Read More