Why would anyone ever choose to make a separate contribution to a Limited-Purpose Flexible Spending Account (FSA) that only covers dental and vision expenses when you already have an HSA for those expenses?
Unrelated Business Taxable Income (UBTI) generally means any gross income gained from any unrelated business regularly conducted by an exempt organization. Whether the income is UBTI depends on the type of tax-exempt organization that produces the income.
With February upon us, most Americans have forgotten or discarded their New Year’s resolutions, but there is still one thing Americans can look forward to, tax refunds! Unfortunately, getting a refund requires collecting, sorting, and verifying all the tax documents needed to correctly file a tax return.
The main idea behind a cafeteria plan is to provide a tax advantage to a business’s rank-and-file employees, as opposed to their key employees or executives. One particular group to consider in the administration of a cafeteria plan, then, is a business’s owner or group of owners.