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Tag: cafeteria plan

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TaxFreePremiums your Section 125 Premium Only Plan (POP) Provider

Every penny counts when you’re running a business, so why would you want to pay your attorney to create a Section 125 POP Plan document that you can generate in just a few minutes? Section 125 Plans are complex. Even the simplest IRS rundown takes multiple tries and is difficult to digest, costing you and…
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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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Election Changes to the Section 125 POP Plan

Thursday, September 18, the IRS released guidance regarding current Section 125 rules that is likely to be well-received by most employers. The guidance permits two new permitted election changes. 1.   Those changing from employer-sponsored group health coverage to other minimum essential coverage (MEC) options due to a reduction in hours. 2.  Those changing from…
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Use Your Section 125 Plan as a Recruiting Tool

Benefits matter a great deal when it comes to recruiting and retaining quality candidates yet many companies don’t use that to their advantage. They’ll spend a fortune on all their offerings but fail to highlight it in their recruiting material and even worse make it too hard for employees to take advantage of the benefits…
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Section 125 Plan Compliance-You Need A Professional

When every penny counts for your business, it’s tempting to think you can save a few bucks by doing everything yourself. By letting www.taxfreepremiums.com handle your compliance housekeeping you can reap enormous dividends! The laws covering Cafeteria Plans are pretty complex, and even the simplest IRS rundown takes a couple of tries to understand. Does…
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Why Should I Have a Section 125 Plan?

As a business owner, a good way to provide health care benefits to your employees is with the establishment of a Section 125 Plan.   The plan is named after title 26, Section 125 of the Internal Revenue Code where cafeteria plans are specifically excluded from the calculation of gross income for federal income purposes.…
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Cafeteria Plans and How Owners Benefit

The fact is that owners can not participate in the company’s Section 125 Cafeteria Plan. Specifically the following owner/employees are not able to participate in a Section 125 Cafeteria Plan: Owners of an S Corporation owning more than 2% and their spouse, parents, children, and grandchildren Partners in a partnership Members of a LLC The…
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Civil Union Law Impacts Employers Who Offer Health Coverage

As more states pass legislation allowing same-sex couples to form civil unions, the implications to employers is becoming more and more apparent. Some areas of concern include not only discrimination policies and tax withholding but medical, dental and vision plans.