On October 18, 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-38 that sets forth various 2023 tax-related limits that have been adjusted for inflation. The table below identifies updates to the 2023 health and fringe benefit plan limits addressed in the notice.
Maximum Annual Employee Contribution to a Health Flexible Spending Account (Health FSA)
Health FSA Carryover Limit
Adoption Assistance Programs
Maximum Annual Employer Contribution to Qualified Small Employer HRA (QSEHRA)
Maximum Monthly Benefit for Qualified Transit Passes, Van Pool Services, and Qualified Parking