November 13, 2023
By: Melanie N. Aska
On November 9, 2023, the IRS issued Revenue Procedure 2023-34 and an accompanying News Release announcing the annual inflation adjustments for more than 60 tax provisions for tax year 2024. Selected employee benefits-related inflation-adjusted amounts for 2024 are set forth in this chart, with references to the governing sections of the Internal Revenue Code.
Note also that our earlier news alerts reported that the IRS had announced retirement plan dollar limits and thresholds for 2024 and that the Social Security Administration had announced increases in benefits and in the Social Security taxable wage base for 2024