If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans
Category Archives: Employee Benefits
ESOPs offer businesses a variety of potential benefits
September 3rd, 2020 by Douglas Freeman
Posted in C Corporations, Employee Benefits, Employee Stock Ownership Plans, Employees, Retirement, S Corporation, Small Business, Tax, Tax Deduction, Tax Planning
Tags: Dividends, Employer Contributions, Stock
Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality.
The tax implications of employer-provided life insurance
August 4th, 2020 by Douglas Freeman
Posted in Employee Benefits, Employees, Federal Taxes, Life Insurance, Local Taxes, Medicare Taxes, Social Security, State Tax, Tax, Tax Planning
Tags: "Carve-Out" plan, Group Term Insurance, Phantom Income, W-2
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you.
IRS releases 2021 amounts for Health Savings Accounts
May 26th, 2020 by Douglas Freeman
Posted in Employee Benefits, Employees, Health Care, High Deductable Health Plan, Internal Revenue Service
Tags: Chiropractic Care, Health Savings Account, Inflation, Insurance, Long Term Care, Medical Expenses, Prescriptions, Revenue Procedure 2020-32, Tax Free Income
An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.”
IRS extends some (but not all) employee benefit plan deadlines
April 22nd, 2020 by Douglas Freeman
Posted in (CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Employee Benefits, Retirement
Tags: Archer Medical Savings Account (MSA), Cafeteria Plans, Form 5500, Form 5558, Form 8955-SSA, Health Savings Account, IRS Notice 2020-23, Plan Loan Repayments, Revenue Procedure 2018-58
Specified actions include any “specified time-sensitive action” listed in Revenue Procedure 2018-58, including many relating to employee benefit plans.
What are the key distinctions between layoffs and furloughs?
April 15th, 2020 by Douglas Freeman
Posted in (CARES ACT), (WARN) Under the Worker Adjustment and Retraining Notification, COVID-19, Employee Benefits, Employees, Human Resources, Small Business, Unemployment
Tags: COBRA, Furlough, Layoffs, Tax Relief
A furlough is a mandatory or voluntary suspension from work without pay for a specified period. In most states, furloughed workers are still considered employees and, therefore, don’t receive a “final” paycheck.
Setting up a Health Savings Account for your small business
October 15th, 2019 by Douglas Freeman
Posted in Business Income Tax, Deductions, Employee Benefits, Employees, High Deductable Health Plan, HSA, Tax, Tax Deduction
Tags: Contributions, Dental Expenses, Long-term Care Insurance Premiums, Medical Expenses, Prescriptions
Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants.
Some business owners can’t participate in their own companies’ HRAs
August 28th, 2019 by Douglas Freeman
Posted in C Corporations, Employee Benefits, High Deductable Health Plan, HRA, HSA, Partnerships, S Corporation, Self Employed, Small Business, Sole Proprietors
Tags: Health Reimbursement Arrangements, Health Savings Account, Internal Revenue Code Section (IRC) 401(c), IRC Section 1402 (a)
Whether an owner can participate in his or her company’s HRA depends on several factors, including how the company is organized and the amount of the business owned by each working owner.
The tax implications of a company car
August 26th, 2019 by Douglas Freeman
Posted in Employee Benefits, Income Tax, Repairs and Maintenance, Small Business, Tax, Tax Deduction, Tax Planning, Vehicle Expenses
Tags: Company Car, Employee Fringe Benefits, Out-Of-Pocket Expense
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. We can help you stay in compliance with the rules.
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