Save your self-employed clients an average of more than $5,000 a year with an HRAThe Kentucky Society of Certified Public Accountants has partnered with TASC (Total Administrative Services Corporation), a national third-party benefits administrator, to help you navigate the complexities of Healthcare Reform (the Patient Protection and Affordable Care Act), and to bring you the opportunity to offer tax-advantaged benefits that save your small business owner clients an average of more than $5,000 a year. TASC’s services are backed by both an audit and deduction guarantee.
AgriPlanNOW and BizPlanNOW are Health Reimbursement Arrangements (HRAs) that enable your qualified small business owner clients to deduct 100% of federal, state, and FICA taxes for family medical costs resulting in an average savings of more than $5,000 each year!
Impact of IRS Notice 2013-54Great news — HRAs with one employee will experience no change and are unaffected by IRS Notice 2013-54. Unfortunately IRS Notice 2013-54 states that employers who sponsor HRA Plans with more than one eligible employee (and do not offer Group insurance) can no longer receive a tax advantage through a HRA Plan unless they modify their Plans to either an Integrated HRA (sponsor Group insurance) or Limited Purpose HRA.
If your Clients have multiple employees and do not sponsor a Group Health Plan, they can still provide a tax-free benefit that allows themselves* and their employees to contribute to individual insurance premiums and out-of-pocket medical expenses. Instead of a HRA, their Plan design would be based on a Section 125 Flexible Spending Arrangement. TASC’s Non-Employer Sponsored Premium and Non-Excepted Flexible Spending Arrangement (NESP/NEFSA) Plan allows both employers and employees to make pre-tax contributions to any of the employer-selected FSA accounts.
TASC makes it easy for you to start helping your clients save by doing all the work for you! Grow you client base while strengthening relationships with your existing book of business with TASC. Click here to learn more or register for a free 30 minute informative webinar.
Kentucky Society of Certified Public Accountants members and your Clients can take advantage of the benefits associated with AgriPlanNOW and BizPlanNOW at a 10% discount!
**Employers who file their taxes as a S-Corporation and are a 2% or greater shareholder and their related family members cannot participate in a Flexible Spending Arrangement. A Limited Purpose HRA would allow the S-Corporation employer and their related family members to receive tax savings on dental, orthodontia, vision and long-term care only.