The Affordable Care Act (ACA, Obamacare) included a trap for small employers who let their employees purchase their own health insurance, then reimbursed them for all or part of the cost. Employers making such reimbursements were subject to a penalty … [Read more...]
Tax treatment of educational assistance benefits for employees
Benefits you provide to your employees must be included in their gross income – they have to pay tax on it – unless it’s specifically excluded from income by the Internal Revenue Code. A benefit which is excluded from income can be worth a lot more … [Read more...]
Group-term Life Insurance W-2 Inclusion
Many employers provide life insurance as a benefit to their employees. This benefit can generate taxable income which must be included in the employees’ W-2s. What is group-term life insurance? Life insurance must meet the following conditions to … [Read more...]