The IRS has announced benefit plan limits for 2014. There are many sections in the Tax Code that limit the amount of tax-favored benefits an employer may provide or an employee may receive. The IRS updates these limits annually to account for inflation. Here are the limits for 2014 and the corresponding limits for 2013. Note, the IRS issued the 2014 limits for Health Savings Accounts (HSAs) during the spring. Those limits are included below as well.