Facts and Figures April 2014

by: Smith and Howard

April 24, 2014

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Flexible Spending Accounts—Generally, you must use the funds in a flexible spending account (FSA) before the end of the year or lose them. However, an employer may allow a 2½-month grace period. Now the IRS says an employer may permit a participant to carry over up to $500 of unused FSA funds to the next year. The catch: You cannot combine the carryover provision with the grace period.

Friendly Hire—Sometimes the easiest way to fill a job opening is to hire a friend. But that is where the difficulties may begin. It can create a ripple effect, with negative ramifications in the workplace while possibly compromising a friendship. Do not consider it an outright prohibition, but tread carefully in this area. Usually, the best solution is to simply hire the best person for the job.

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