Regulatory and Legislative

IRS Releases 2024 Tax Inflation Adjustments

FuturePlan ERISA Team November 09 2023

The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.

The dollar limitation under Internal Revenue Code Section 125(i) on voluntary employee salary reductions for contributions to health flexible spending arrangements is $3,200, up from $3,050 for 2023. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $640, up from $610 for 2023.

For additional information on the 2024 inflation-adjusted limits for other tax provisions, see Rev. Proc. 2023-34.

IRS IRS Guidance

Regulatory and Legislative

DOL Issues Final Rule Updating Davis-Bacon Regulations

DOL Issues Final Rule Updating Davis-Bacon Regulations

The Department of Labor has issued a final rule updating the Davis-Bacon Act and the Davis-Bacon Related Acts nearly 40 years after the Department last completed a comprehensive revision of the guidelines.

Regulatory and Legislative

Deadline Relief for Virgin Islands Water Supply

Deadline Relief for Virgin Islands Water Supply

The Internal Revenue Service has announced the postponement of certain tax-related deadlines for victims of taxpayers impacted by elevated levels of lead and copper in water supply in Saint Croix, US Virgin Islands.


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