IRS Section 125: Tax-Advantaged Strategies (3 CE Credits) Speaker / Instructor Lisa A. Otto, J.D., MBA, CLU

An estate and tax planning attorney by trade, Lisa Otto is the Regional Sales Director for Total Administrative Services Corporation (TASC) responsible for marketing TASC’s services in the implementation and compliance of Section 105 and Section 125 plans.  She works with insurance professionals, financial advisors, accountants, tax professionals and business owners in the development and administration of employee benefit programs.  Prior to joining TASC in July, 2005, Lisa was the Director of Marketing for Prudential Financial.  Over a period of 10 years, she was responsible for developing marketing material and training Prudential’s field force in financial, estate, tax and retirement planning as well as small business insurance.  For her work at Prudential, Lisa received the Chairman’s Award for Excellence in Innovation in 2000.  Lisa received her law degree and MBA from Drake University in Des Moines, Iowa and her CLU from The American College in Bryn Mawr, PA. 

TOPICS

1. Major Concerns
1. Insurance Professionals
2. HR Directors
3. Employees
4. Employers
2. What is IRS Section 125?
3. What does pre-tax dollars mean?
4. What expenses can be paid with pre-tax dollars?
1. Medical or Medical-Related Premiums
2. Uninsured Medical Expenses
3. Dependent Care
4. Transportation
5. Voluntary (non-employer sponsored) Benefits
5. Premium Only Plan – Group-Sponsored Insurance
6. Full Flexible Spending Account/Cafeteria Plan
1. Dependent Care Benefit

1. Qualifications
2. Federal maximum election

2. Medical Reimbursement Flexible Spending Account

1. Eligible Expenses under IRS Section 213
2. Annual maximum election

3. Parking and Transportation Benefit

1. Qualifications – IRS Section 132
2. Monthly Maximums

4. Non-employer sponsored Insurance

1. Life Insurance
2. Disability Insurance
3. Accident Insurance
4. Cancer Insurance

7. What are the potential tax savings?
1. Employer
2. Employee
8. Operation of the Section 125 plan
9. Plan Documentation
10. Eliminating/Managing the Risks – General Rules
1. Irrevocable Election Rule
2. Use-it-or-lose-it Rule
3. Uniform Coverage Rule
4. Election Renewal
5. Non-Discrimination Testing
6. Plan Entry Date
7. Eligible Employees
11. Administrator’s Responsibilities
12. Employer Responsibilities
13. Employee Responsibilities
14. Advantages using IRS Section 125
1. Employer
2. Employee
15.  Mechanics of Participation in a Section 125 Plan
1. Employee Elections
2. Employee request for reimbursement

1. Online
2. Fax or Mail
3. Debit Card

16. Case Study  -
1. Illustration and Example
2. Cost of Administration vs. Potential Tax Savings
17. Question and Answer period

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