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Tag: Compliance

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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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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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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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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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Yes, A Written Plan Document for Section 125 POP is Required.

Most people know that premiums for health insurance are not taxable.  Well, that is if you have a Section 125 POP Plan.  The plan has to be in writing and there are other requirements that have to happen in order to be compliant. http://youtu.be/fzST7-rDFjQ     Watch this quick video to learn more about IRS…
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Are Your Plan Documents in Compliance?

Many business owners and hr professionals do not know about Section 125 Premium Only Plan Documents until 1 of 2 events happen. One of the most common reasons is the simple fact that they are being audited and found Section 125 on a list that they are following to prepare for the audit. The other…
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State Legislation Requiring Compliance to Premium Only Plans

State Legislation Requiring Compliance to Premium Only Plans With the wide range of benefits Premium Only Plans offer employers, the ability to augment the rising cost of plan premiums has grown in repute.  As an ever increasing number of businesses nationally have subscribed to and benefited from the money saving strategies Premium Only Plans provide,…
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