The IRS has released a few additional, much anticipated limits for 2018.

The Health FSA limit has increased to $2,650. For employers who have already had their open enrollment for their 2018 plan year, they may allow employees to increase their elections to the new maximum if their cafeteria plan allows for the increase.

The transportation and parking limits will each be $260 a month for 2018.

The adoption assistance limits have increased to $13,840 for 2018.

The penalty under the individual mandate will remain at $695 per adult or 2.5% of household income, whichever is greater, for 2018.

Information contained herein is not intended to constitute tax or legal advice and should not be used for purposes of evading or avoiding otherwise applicable regulatory responsibilities as issued by the federal or state government(s) and/or taxes owed under the Internal Revenue Code. You are encouraged to seek advice from your legal or tax advisor based on your circumstances