New tax breaks for adoption expenses
Article Abstract:
A discussion of the tax incentives for employer-provided adoption assistance benefits is presented. Employees are granted up to $5,000 of exclusions from their income for payments received under their employer's adoption assistance program, with the exclusion valid for payments with respect to qualified adoption expenses such as reasonable adoption fees, attorney fees and other expenses related to the adoption. The exclusion also only works for higher-incomed employees, those with modified adjusted gross incomes amounting to over $75,000.
Publication Name: Journal of Compensation and Benefits
Subject: Insurance
ISSN: 0893-780X
Year: 1997
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New comparability - a new concept in profit sharing plan design
Article Abstract:
The 'New Comparability' profit sharing plan provides maximum benefits to key employees without violating the IRS's nondiscrimination policy. It works like a defined benefit plan without the disadvantages by invoking 'cross testing' provisions of the IRS nondiscrimination rules. The cross testing scheme benefits older employees due to compound interest. A 401(k) feature added to the plan will also allow rank-and-file employees to contribute on a tax-advantaged basis.
Publication Name: Journal of Compensation and Benefits
Subject: Insurance
ISSN: 0893-780X
Year: 1996
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