On Friday, January 11th, 2013, the Internal Revenue Service announced another increase to the limit on Commuter Reimbursement Account contributions.
Effective January 1, 2013, the monthly pre-tax contribution limit for Transit and Parking accounts has each increased from $240 to $245 per month ($2,940 annually). Recently, we informed you about the Transit account contribution max increase from $125 to $240 per month that was made retroactive to January 1, 2012. This new increase is effective January 1, 2013 and affects both Transit and Parking contributions.
Please communicate this recent change to your employees so that they can adjust their contribution amounts accordingly.
We will continue to inform you of any new legislation as it is released.