The IRS Code has numerous provisions designed to help employers provide essential benefits to their employees tax-free. This saves the employee approximately 30% in income taxes on expenses they're already paying for, and because the employees have reduced their taxable income, the employer realizes a reduced matching payroll tax liability of approximately 8%. Everybody saves money.
To take advantage of these tax deductions the IRS requires that the employer have a written plan document and the Department of Labor and ERISA law require that every employee receive a summary plan description (SPD) explaining the new benefit in easy to understand language.
Click on a product below for more information:
- Section 125 Premium Only Plan or POP
- Section 125 FSA & Cafeteria Plans
- Section 125 with HSA Module
- Section 105 HRA for Self-Employed
- HRA or Health Reimbursement Arrangements
- Section 132(f) Transit & Parking Plan
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