How does a cafeteria plan work?
Employer contributions to the cafeteria plan are usually made pursuant to salary reduction agreements between the employer and the employee in which the employee agrees to contribute a portion of…
Read moreIs there a filing requirement for a cafeteria plan?
Generally, no. If you only have a cafeteria plan, you are not required to file Form 5500 or Schedule F. However, if you have a welfare benefit plan, you may…
Read moreWho may receive benefits under a cafeteria plan?
The plan may make benefits available to employees, their spouses and dependents. It may also include coverage of former employees, but cannot exist primarily for them. See the questions below…
Read moreWhat is a cafeteria plan?
A cafeteria plan is a separate written plan maintained by an employer for employees that meets the specific requirements of and regulations of section 125 of the Internal Revenue Code.…
Read morePrepare for Hurricanes, Disasters by Safeguarding Tax Records
The 2011 hurricane season has started. Are your personal or your business’ financial and tax records and valuables protected in the event of a disaster? Here are some tips that…
Read more2010 Form 8939 is Due Nov. 15; Reporting Option Applies to Many Large Estates
WASHINGTON — The Internal Revenue Service issued guidance today on the treatment of basis for certain estates of decedents who died in 2010. The guidance assists executors who are making…
Read moreInterest Rates Decrease for the Fourth Quarter of 2011
WASHINGTON — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Oct. 1, 2011. The rates will be: three (3) percent for overpayments…
Read moreIRS Reminds Taxpayers that the Aug. 31 Deadline Is Fast Approaching for the Second Special Voluntary Disclosure Initiative of Offshore Accounts
WASHINGTON — U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current…
Read moreApplying for Innocent Spouse Relief
To apply for Innocent Spouse relief File Form 8857, Request for Innocent Spouse Relief and Attach a statement explaining why you qualify for relief. Here are some helpful links to…
Read moreCharitable Contributions
Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A. To be deductible, charitable contributions must be made to qualified organizations. Payments to individuals are never…
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