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Tag: 125 compliance documents

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ERISA & SPD Wrap or Summary Plan Description Wrap Documents

Recently we joined forces with a company to assist in additional forms of compliance.  These compliance issues fall directly in line with the rumors of the ERISA DOL Audits.  HR Service Inc and ERISA Solutions are those companies.  The professional atmosphere, experienced employees, and customer service-oriented environment is appealing; yet the powerful and user-friendly tools/documents…
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PROPOSED CHANGES TO CAFETERIA PREMIUM ONLY PLAN ELECTIONS & LOOK-BACK PERIOD

In September the IRS issued two notices regarding the Affordable Care Act.  Notice 2014-49 describes a proposed approach for applying the look-back measurement method used to determine full-time employee status for purposes of IRS Code § 4980H in situations when the measurement period applying to an employee changes. This change may occur because the employee…
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125 POP Document Changes Summary

As explained below, the laws governing Section 125 Premium Only Plans recently changed. We have updated your plan documents to reflect these changes. Please log on to your account at https://www.taxfreepremiums.com/main/login and download the newly updated documents to remain in compliance. The new IRS Notice 1455 creates two new Section 125 mid-year qualifying events designed…
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Are You Adopting a Section 125 Plan?

Do you take your role as a plan sponsor serious enough?  Of Course you do………. your at taxfreepremiums.com If you are a corporation you are required to adopt a board resolution and have on file when sponsoring a Section 125 Plan.  This is included in the document package for clients of taxfreepremiums in a signature…
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Why offer Voluntary Benefits?

The latest trend in employee benefit packages are Voluntary Benefits.  Research shows this isn’t just a fad or sales tactic but something your employees are actually searching for and need help through the decision process. Voluntary Benefits are just that….voluntary.  As an employer you offer to make deductions on a pre-tax basis through your Section…
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Lower Taxes with A Section 125 POP

IRS-sanctioned Premium Only Plan were created by the Revenue Act of 1978 and are governed by the Internal Revenue Code Section 125. Although this code is now almost 35 years old there are still thousands of business owners and administrators who haven’t heard or aren’t aware of the significant tax efficiencies, and legal requirements to…
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Do You REALLY Explain Your Insurance Benefits?

Communication is the key to any successful benefit package.  Making sure employees understand and value their benefits sometimes really can be as easy as doing a better job to explain the benefits available to them.  For industry experts jargon such as deductibles, co-insurance, co-payments and other insurance industry terms are everyday vocabulary.  For many of…
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What Products are IRS Section 125 Eligible Expenses?

Often referred to as Cafeteria or IRS Section 125 a Premium Only Plan is an employee benefit plan that allows employees to select desired benefits from their employer’s benefit package, “cafeteria” style.  The real benefit of this type of plan is the tax favored treatment from the IRS if set up in accordance with Section…
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TaxFreePremiums Announce Website, Blog Redesign, Social Networking Launch

TaxFreePremiums launches new social efforts connecting with human resources professionals and small business owners to offer time and cost saving products and resources and additional employee benefits.