Flexible Benefits: Let's Be Flexible


Flexible spending accounts, used most commonly for health care and dependent care, allow employees to open tax-deferred savings accounts to meet health care expe

nses not covered by insurance plans or to pay a day care center, for example. However, these accounts must be spent by yearend or the money is forfeited.

Average contribution from participating employees for

Health care . . . . . . . . . . . . $744

Dependent care . . . . . . . $2,848

Average savings forfeited at year end . . . . . $136

Employers offering flexible health care accounts reporting forfeitures . . . . . . 91%




 

©1998 AICPA

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.