The Internal Revenue Service released Revenue Procedure 2024-40 on October 22, 2024, which contains the 2025 inflation adjustments for various employee benefit plans, including health care flexible spending accounts, qualified transportation fringe benefits, and adoption assistance programs. This alert also summarizes other health and welfare benefit plan limits announced earlier this year and provides a brief summary of changes to the employer shared responsibility penalties under the Affordable Care Act.
If you have any questions or need further details about the tax limits and how they will affect your employee benefit programs, please contact your account team. This alert is relevant for employers offering any of the affected benefit plans.
