Year-End Tax Tips and Reporting Checklist - Transportation Benefits

It appears the current levels for transportation fringe benefits will expire in several days [at the end of 2013]. Thus the new transportation limits for 2014 would decrease from $245 per month to $130 per month for mass transit benefits and increase from $245 per month to $250 per month for qualified parking. However, Congress could make changes in the New Year, and current levels could be reinstated retroactively to January 1 as it has done many times. But for now we should assume no change in the law.