Health FSA Limit Will Increase for 2023
Highlights The health FSA dollar limit on employee salary reduction contributions will increase to $3,050 for plan years beginning in 2023. On Oct. 18, 2022, the IRS released Revenue Procedure 2022-38 (Rev. Proc. 22-38), which includes the inflation-adjusted limit for 2023 on employee salary reduction contributions to health flexible spending accounts (FSAs). The Affordable Care Act (ACA) […]
IRS Announces 2023 Retirement Plan Limits
IRS Announces 2023 Retirement Plan Limits Important Dates: The amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500. The Internal Revenue Service (IRS) has released Notice 2022-55, containing cost-of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2023 Increases The employee contribution […]
Qualified Transportation Fringe Benefit Limits to Increase in 2023
Qualified Transportation Fringe Benefit Limits to Increase in 2023 Highlights: The IRS has released Revenue Procedure 2022-38, which includes cost-of-living adjustments for employee qualified transportation fringe benefits for the 2023 taxable year, along with annually adjusted numbers for 2023 for other tax provisions. The combined monthly limit for transportation in a commuter highway vehicle and a […]
