Today, the Internal Revenue Service (IRS) announced annual inflation adjustments for more than 50 tax provisions, including an increase in voluntary employee contributions to employer-sponsored healthcare flexible spending arrangements (HFSAs) to $2,750 for plan years beginning in 2020, up from the 2019 limit of $2,700.
The IRS also announced an increase in the 2020 monthly limits for qualified transportation fringe benefits under Code § 132(f). For transportation in a commuter highway vehicle and mass transit passes, the limit will be $270 (up from $265 this year). The separate monthly limit for qualified parking also will increase to $270.
Details of this announcement can be found in Revenue Procedure 2019-44.
