Tax Advantaged Benefit Plans Related IRSC for Employers

Benefitplace is working to provide an Informational Resource Portal for Brokers, Agents and Consultants; Benefits-Related Services; Employers and Employees to better understand the various IRSC Tax Plans that impact the Employers and Employees as well as the Service Providers that support the Plans.

When properly implemented, and maintained in Compliance, these plans provide savings to the Employer and Employee while allowing Employees to strengthen the quality and number of coverages in their Benefit Portfolio.

These Plans Include: (Click Below for Service Providers)

Premium Conversion (Section 125) – Employees pre-tax their contributions to qualified Benefit Plans
Reimbursement Accounts:
   Medical Reimbursement Accounts – Employees pre-tax qualified medical
    expenses
   Dependent Care Reimbursement Accounts – Employees pre-tax part
    of qualified child and adult care expenses
   Transportation (Commuter) Reimbursement Accounts –
    Employees pre-tax part of qualified commuter and parking expenses.
   HSAs & HRAs - Employees create tax-advantaged accounts created to
    pay for qualified medical expenses in conjunction with high-deductible health
    plans (HDHPs) - an innovative feature of consumer-driven health plans
    (CDHPs).
   Retirement Plans - Plans designed to assist Employers and Employees in
    planning for retirement

Seven reasons Employers offer Pre-Taxation of Qualified Benefit Plans:
1) Pre-taxation is one of the most requested Employee Benefits
2) Employers Appreciate the Opportunity to Reduce Payroll
    Taxes
3) Savings help pay for Benefits Administration
4) Employees Save on Essential Services
5) Employers Attract and Retain Employees
6) Employers can Better Manage the Rising Costs of Plans and
    Services
7) Employers and Employees enjoy Tax Savings and Enhanced
    Benefits

·	Reduce Employee Benefit Costs
·	Reduce Organization Taxes
·	Increase Net Profits