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Online Continuing Education – Pilot Courses

Medical Reimbursement Plans

Running Time: 1h 21m
Credit Hours: 3

In this course, Vern takes an in-depth look at a cutting-edge tax topic: Medical Reimbursement Plans.

Without extensive tax planning knowledge, small business owners and the self-employed often do not qualify for the considerable tax savings available to the shareholder/employees of C corporations when paying healthcare costs. To make matters worse, tax preparers know that almost 95% of medical expenses reported on the individual’s Schedule A are not deductible because of the 7½% AGI haircut! In this seminar, we are going to learn how to deduct 100% of the small business owner’s medical expenses “above the line,” often before calculating self-employment tax. This can lead to tax reductions in the thousands.

In this online seminar, tax law expert, Vern Hoven, evaluates these intricate tax rules while interviewing national authority Dan Rashke, the owner and CEO of Total Administrative Services Corporation (TASC), the country’s best-known employee benefits company developing and marketing §105 Plans, §125 Plans, and other employee benefit programs to small business owners.

Highlights of this Chapter:

· Defining and comparing the fringe benefit rules including the §105 Health Reimbursement Accounts (HRAs), Health Savings Accounts (HSAs), and Flexible Spending Arrangements (FSAs).

· Applying the tax savings with and without §105.

· Analyzing the basic concept of how to comply with Code Sections 79, 106, 162, Rev. Rul. 71-588, and LTR 9409006.

· Marveling at the benefits and eligible expenses under §105. This one is my favorite.

· Examining who qualifies for HRAs.

· Understanding the steps necessary to establish legitimate employment, plan, payroll, and reimbursement of expenses for §105 Medical Reimbursement.

· Defining, with examples, how to set reasonable compensation to ensure compliance.

· Learning how §105 is treated differently for sole proprietorships, partnerships, LLCs, S corporations, and C corporations.

· Finding out who qualifies for HSAs.

· Glancing at the 2009 and 2010 HSA limits and regulations.

· Comparing the tax treatment of HRA versus HSA.

· Marveling at the benefits of combining an HSA with an HRA.

· And closing with the tax savings comparisons of combining an HSA with an HRA or with an HSA only.

Learning Objectives:

Upon successful completion of this course, you should be able to:

· Recognize key tax changes effective in 2009, affecting medical reimbursement plan taxation.

· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.

· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.

Prerequisites: A basic understanding of tax preparation.

Program Level: Update

Program Published to the Web: November 2009

No advance preparation required.

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Course Objectives

Vern Hoven Tax Seminars’ programs are focused on maintaining and improving professional competence in individuals who deal with issues regarding tax compliance (tax return preparation and review and IRS examinations, ruling requests and protests) and tax planning (applying tax rules to prospective transactions and understanding the tax implications of unusual or complex transactions; as well as recognizing alternative tax treatments and advising clients on tax saving opportunities).

Courses are designed to update participants about relative changes in tax codes, laws, rulings, decisions, interpretations, and any other important alteration affecting taxation and professionals working within the field of taxation.

Program Prerequisites

In order to get the most out of Vern's Federal Tax Update courses, you should have a basic understanding of tax preparation.

Program Level & Field of Study

Vern’s courses are all update courses tailored to the CPA, Enrolled Agent, tax lawyer or real estate professional who requires on-going education in the field of taxation. Update courses are geared toward participants with a background in the subject area who desire to keep abreast of current changes and developments within that subject area.

Advance Preparation

No advance preparation is required for any of the following courses. We simply recommend you print out the course manual to follow along with during the online course, and to use for future reference. In order to download, click "Course Manual" under Course Menu on the right side of your screen. When the document appears on your screen, go to File, then Print. The manual is yours! After printing, simply close the screen to return to your "Course Overview" page.

Instructional Method

Our self-study program materials will be delivered to you via Vern’s innovative online courses. We have created an online learning system for you that utilizes a “three-pane environment”: (1) streaming video in upper-left corner with (2) synchronized PowerPoint slides in upper-right corner, and (3) a web-browser pointing to the course manual and important websites in the bottom half of the screen. We believe that the versatility and usability of this “three-pane environment” offers a superior education platform, possibly even trumping the live education experience!

CPE Credit Hours

Credit Hours are based, in accordance with the National Association of State Boards of Accountancy's (NASBA's) Standards for Continuing Professional Education (CPE) Programs, on a 50-minute hour. Upon successful completion of the exam (70% or higher), you will be presented with a printable Certificate of Completion detailing the Course Name and earned Credit Hours.

NASBA
	Vern Hoven Tax Seminars is registered with the National Association of State Boards of Accountancy as a Quality Assurance Service (QAS) sponsor of continuing professional education. Participating state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding QAS program sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org
	Vern Hoven Tax Seminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org

Accepted by All Boards of Accountancy

View the list of all Boards of Accountancy that will accept self-study CPE credits from NASBA’s QAS Sponsors
and National Registry of CPE Sponsors, or with which Vern Hoven Tax Seminars has directly registered.

Vern Hoven Tax Seminars is registered with the National Association of State Boards of Accountancy as a Quality Assurance Service (QAS) sponsor of continuing professional education. Participating state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding QAS program sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org

Vern Hoven Tax Seminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org