Year-End Moves for Flexible Spending Accounts
CPA Practice
SEPTEMBER 8, 2023
The tax law provides benefits to employees who choose to participate in flexible spending accounts (FSAs) for qualified expenses. However, if there’s a balance in the account at the end of the year, the remaining funds are generally forfeited. Fortunately, an employer can offer one of two possible alternatives. Background : With an FSA, a participating employee generally funds his or her account with pre-tax dollars through a salary reduction plan.
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