1. Short title This Act may be cited as the Everyday Philanthropist Act . 2. Flexible giving accounts (a) In general Subsection (a) of section 132 of the Internal Revenue Code of 1986 is amended by striking or at the end of paragraph (7), by striking the period at the end of paragraph (8) and inserting , or , and by inserting after paragraph (8) the following: (9) flexible giving account. . (b) Flexible giving account Section 132 of such Code is amended by redesignating subsection (o) as subsection (p) and by inserting after subsection (n) the following: (o) Flexible giving account (1) In general (A) Flexible giving account For purposes of this subsection, a flexible giving account is an account under an arrangement which is a separate written plan of an employer for the exclusive benefit of all eligible employees under which— (i) an employee may elect— (I) to receive a reduction in compensation and have the employer deposit the amount of the reduction in a flexible giving account of the electing employee, and (II) before the reduction under subclause (I), to designate one or more entities to which distributions are to be made from the account, (ii) the employer, as soon after the deposit under clause (i)(I) as practicable, makes the disbursements designated under clause (i), (iii) the employer provides reasonable notification of the availability and terms of the arrangement to all eligible employees, (iv) the employer maintains a separate flexible giving account on behalf of each employee for whom an election is in effect clause (i), and (v) the employer agrees to furnish to each participating employee, on or before January 31 of each year, a written accounting of the employee’s flexible giving account showing deposits and disbursements during the previous calendar year. (B) Maximum reduction The amount of a reduction under subparagraph (A) for a taxable year shall not exceed $5,000. (2) Eligible employee For purposes of this subsection— (A) In general (i) Eligible employee The term eligible employee means,