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MEDICAL REIMBURSEMENT PLANS

Please choose which plan is best for your business, then sign,
date, and fax it to me.

In order to be tax deductible, medical reimbursement plans
must cover yourself, your spouse (if your spouse co-owns the
business), and all of your employees.

Plan I. Includes insurance, and unreimbursed medical costs.

This plan includes medical insurance, and, pays for many
medical expenses that are not covered by medical insurance.

Plan II. Covers Insurance only. S CORP USE THIS ONE

This plan only covers medical insurance, and, does not cover
medical costs that are not reimbursed by the insurance policy.

PLEASE SIGN, DATE, AND FAX THE PLAN DOCUMENTS TO ME.

ACCOUNTING LOGISTICS

If you own more than 2% of the S corp. stock, then, have the corp.
pay the medical insurance, but out of pocket medical expenses
are paid for personally. Add the cost of the 2% owners' medical
insurance to lines 1, 3, and 5, of your W-2, also add the costs to
line 14 of your W-2; but see below.

If you are married, hire your spouse and adopt a Section 105, or
Section 125 medical plan; you will also need to obtain a Section
105, or 125 plan from your insurance company; but see below.

If you have employees, all employees need to be covered, also,
you need a Third Party Administrator to manage the plan; so,
please ask me about this issue. See below.

ACA, Obamacare rules have changed the above guidance, so,
contact a California Certified Medical Care insurance agent, and
contact a professional insurance plan administrator as this is
not my area of expertise.

YOU ALSO NEED TO HAVE THE PLAN ADOPTED BY THE
BOARD OF DIRECTOR(S); SO, IF YOU NEED A REFERRAL TO
AN INEXPENSIVE ATTORNEY, WHO CAN DO THIS, PLEASE LET
ME KNOW, OR DO IT YOURSELF BY GETTING THE
CORPORATE RECORDS HANDBOOK FROM WWW.NOLO.COM.

With respect to your corporate, medical plan; the legal
requirements are constantly changing, and, it is not my area of
expertise; it is very important that you contact a professional
medical plan administrator; and, if you need a referral, you might
first interview Barry Mass, ASI, Administrative Solutions
559-696-5141.


The information contained in this web page, and the links, is educational
and is not specific tax advice. Some information may be outdated.

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Robert Lee Riley CPA, MBA-tax
Riley
Accounting