The IRS has published Rev.Proc 2008-66, setting forth inflation adjustments for 2009. Included in these adjustments are new Section 132 items. The aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and any transit pass is now $120 (up from $115) and the monthly limitation for fringe benefit exclusion amount for qualified parking is now $230 (up from $220).

To read Rev.Proc 2008-66 in its entirety, click here.

The Heroes Earnings Assistance and Relief Tax Act of 2008 provides a special rule allowing reservists called to active duty to be able to keep funds from their Flexible Spending Accounts, rather than lose them as the law currently states. 

To read more about the exclusion, click here.