If a new health insurance plan that is purchased under the ACA (Affordable Care Act) is purchased by a business with a Medical Reimb Sec 105 plan, the reimbursement out of the plan are not deductable according to an interpretation of IRS Notice 2013-54. According to TASC, who administers such plans, they are awaiting a ruling, hopefully by mid December, on whether the Sec 105 medical reimbursements are still deductible. This is hugh!
-
-
This IS VERY huge
A Section 105 Plan allows a qualified business owner to deduct 100% of...
...health insurance and dental insurance premiums for eligible employee(s) and family.
This also includes qualified long-term care insurance.
...uninsured (out-of-pocket) medical, dental, and vision care expenses for eligible employee(s) and family.
...life, disability income, contact lens, hearing aid, Medicare Part A, Medicare Supplemental, optical/vision,
and cancer insurance premiums for eligible employee(s).Confucius say:
He who sits on tack is better off.
Comment