New limit on FSA expenses?

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in Small Business Tax

The annual limit for dependent care expenses in flexible spending accounts (FSAs) has remained at $5,000 since FSAs were authorized back in 1986. Now momentum is building in Congress for an increase.

A recent proposal in the House, co-sponsored by Reps. John Yarmuth (D-Ky.) and Sam Johnson (R-Texas), would jump the limit to $7,500. The Senate version of the bill, co-sponsored by Sens. Blanche Lincoln (D-Ark.) and Olympia Snowe (R-Maine), would boost the limit to $7,500 for one dependent; up to $10,000 for two or more dependents.

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