Employee Benefits


The Institute endorsed the SIMPLE Cafeteria Plan Act of 2005 (S. 723), a bill that would allow small businesses to provide nontaxable benefits, such as flexible spending accounts, to their employees ( http://thomas.loc.gov ) as large companies and government agencies now do. In addition, the proposed legislation would allow cafeteria plans, which permit employees to customize their benefits, to offer long-term-care insurance, and it would simplify and expand dependent care accounts. Introduced by Sen. Olympia J. Snowe (R-Maine), the bipartisan bill was co-sponsored by Sens. Jeff Bingaman (D-N.M.) and Christopher S. Bond (R-Mo.).

SPONSORED REPORT

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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Keeping you informed and prepared amid the coronavirus crisis

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