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Section 125 Cafeteria Plans: Making Sense of the IRS Rules

Make sure your cafeteria plans are set up correctly and things are done right the first time.

A Section 125 Cafeteria Plan is not just for large employers. Even the smallest employers have them and we all know that they come with rules that must be followed. Do you really know what those rules are? We will walk through the rules that Congress and the IRS have given us. What benefits can, or cannot, be offered through a cafeteria plan? What are the IRS rules about making and changing employee elections? What does the IRS expect you to have in the way of a plan document? How do the nondiscrimination rules affect what you can do in your cafeteria plan? The consequences of getting it wrong can be severe and there are some mistakes that cannot be fixed. So, it is important to make sure that plans are set up correctly and that things are done right the first time. We will review all of that and more.

Runtime: 91 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is a Section 125 Cafeteria Plan?

  • How Do They Work?
  • What Are the Advantages of Having One?

What Are the IRS Requirements for a Cafeteria Plan?

  • Who Can Be Allowed to Participate?
  • What Benefits Can Be Offered Through a Cafeteria Plan?
  • How Do the IRS Nondiscrimination Rules Affect a Cafeteria Plan?

What Rules Apply to Participant Elections?

  • How Can Elections Be Made?
  • How and When Can Elections Be Changed?

How Does ERISA Affect Cafeteria Plans?

What About Mistakes?

  • Mistakes That Can Be Fixed and Those That Can't
  • Tips for Avoiding Mistakes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • NJ CLE 1.8
     
  • VT CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on November 19, 2020.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Steven P. Smith

Steven P. Smith

Hinkle Law Firm LLC

  • Member of the Hinkle Law Firm LLC
  • Practice is focused on the benefits that employers provide to their employees, including 401(k) plans and group health plans, and on the laws governing those plans, including ERISA, HIPAA, COBRA, and the Internal Revenue Code
  • Frequent public speaker on employee benefits-related topics
  • Contributing author to the book, Group Health Plans: Federal Mandates Other Than COBRA and HIPAA (published by the Employee Benefits Institute of America, a division of Thomson Reuters), 2003 – present; Traps for the Unwary: Avoiding Problems with Employee Benefit Plans in Divorce, Kansas Bar Association Journal, February 2011
  • Admitted to the Kansas Bar, member of the Gulf Coast Area IRS TE/GE Council and the Kansas Bar Association
  • Recognized in The Best Lawyers in America
  • Adjunct Professor, University of Kansas School of Law
  • J.D. degree, University of Kansas
  • Can be contacted at 316-267-2000 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 408128
Published 2020
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