Home » Newsletter Article » Facts and Figures

Facts and Figures

Timely points of particular interest

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.

« Back to eNewsletter Archives

When we started One Source Manufacturing in 1997, we quickly went through two to three accounting firms without much success. Then we found Glass & Company and have been with them ever since. There are very few CPA firms in the Austin area that have the capability to service manufacturing companies. Glass & Company has a thorough understanding of the challenges that manufacturers face and the expertise to handle it all.””

– Kevin Shipley, One Source Manufacturing

500 W. 5th Street, Suite 1210 Austin, TX 78701 • Phone: 512-480-8182 • Fax: 512-480-9465 • info@glasscpa.com