No Business is Too Small for an Employee Benefit Plan Presented by: Bill Parrish (oneplusone) 3...
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No Business is Too Small for an Employee Benefit Plan Presented by: Bill Parrish (oneplusone) 3 Jeanne Williams 105 Concepts
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Transcript of No Business is Too Small for an Employee Benefit Plan Presented by: Bill Parrish (oneplusone) 3...
No Business is Too Small for an Employee Benefit Plan
Presented by:
Bill Parrish(oneplusone)3
Jeanne Williams105 Concepts
Those Pesky Disclaimers
This Information is copyright protected by (oneplusone)3
and may not be reproduced or otherwise distributed without the written consent of (oneplusone)3
This presentation is for informational purposes only and should only be implemented by a practitioner after appropriate due diligence has been performed
Not all of the concepts and strategies proposed in this presentation may be appropriate for all practices. Careful study must be undertaken by anyone considering the implementation of these concepts and special attention should be given to individual state laws governing the practice of professionals.
How Small is Small?
Small Businesses are the Backbone of American Business
New Businesses are being Created Faster than Even Before
Home Based Businesses are the Fastest Growing Segment
Downsizing is a Driver
How Small is Too Small
Today, we are going to talk about: Sole Proprietors with no employees Sole Proprietors with a few employees Sole Proprietors with family members
as employees Small S Corporations Closely held C Corporations
Sole Proprietors with No Employees
Treatment of Retirement Plans
Treatment of Health Care Costs
Treatment of Health Insurance Costs
Health Reimbursement Arrangement – HRA
Ideal for Sch C & F Taxpayers
Without an HRA Above the line tax savings
With an HRA Costs deducted on Sch C or F
Save Employment Taxes Save Income Taxes Full deduction, not reduced by % of AGI
Health Savings Account - HSA
High Deductible Health Insurance Plans
Enacted 2003 Plan must “Qualify” Taxpayer Deducts contribution into
HSA Ideal for businesses with or without
employees
S Corporations
IRC Code Section 1372 IRS Notice 2008-1
Clarifies treatment Clarifies ownership rules Taxpayers can clearly benefit
S Corporations with High Deductible Plans
Shareholders create their own HSA
Contributions are deductible
Accumulation within account escapes current taxation
C Corporations
May provide most flexible opportunities
Must weigh tax considerations Cafeteria – Section 125 – Flex plans Premium Only Plans – POP’s Health Savings Accounts – HSA’s Medical Spending Accounts – Flex
Accounts Dependent Care Accounts
Pre Paid Legal Expense Plans
Provide no tax benefit
Create an atmosphere of a caring employer
Provide a stable workforce
Education Assistance Plans
Benefits may vary by state
More complex - usually requiring pre-approval
“Qualifying Testing” may apply
How Small is Too Small?
No business is too small for the savy tax professional to help
Sets your services apart from run of the mill firms
Demonstrates your expertise
About the Co-Presenter
Jeanne WilliamsDirector of Research
105 ConceptsPO Box 350
Doniphan, NE 68832Phone 866-752-6105Fax 866-845-0452
For Information
About ConnectEd: Jodi Goldberg, Director of Member Services National Society of Accountants 800-966-6679 Ext 1304 [email protected]
About the Presentation Bill Parrish, Founder & CEO (oneplusone)3
800-867-0065 Ext 1013 [email protected] www.oneplusone3.com
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