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

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.