The IRS has finally released Revenue Procedure 2014-61. This is the one we have been waiting for that gives us the items that are adjusted for inflation each year but are not pension plan related. This includes such items as transportation fringe benefits, adoption credit, and the foreign earned income exclusion amount. Here are the 2015 rates in the order they appear in the procedures:
Adoption credit: $13,400
Cafeteria Plans: FSA limit $2,550. This is up from $2,500 for 2014
Qualified Transportation Fringe Benefits: These rates are not changed from 2014. Parking remains $250 and transit passes remain $130.
Medical Savings Accounts:
|Type of Coverage||MinimumAnnualDeductible||MaximumAnnualDeductible||MaximumAnnualOut-of-Pocket
Foreign Earned Income Exclusion: $100,800
There are many other items listed in the revenue procedure that may be of interest to payroll professionals that we don’t cover here. To review the procedure itself click here.