IRS released updated Mass Transit and Parking Limits for 2013. The IRS just released Revenue Procedure 2013-15 which announces that the monthly tax-free amount that may be excluded from an employee’s income for qualified parking or mass transit expenses increases to $245 effective January 1, 2013.
Benefit Resource is working on system updates and confirmation files to reflect this latest change. If you are impacted by this increase, updated files will be available next week.
As we reported last week, the American Taxpayer Relief Act included a provision that allows mass transit expenses to be in parity with parking limits. Rev. Proc. 2013-5 confirmed an increase in the monthly limitation for mass transit to $240 for 2012.
