News

New Tax-Free Benefit Programs for Employees: Living Expenses and Student Loans

New Tax-Free Benefit Programs for Employees: Living Expenses and Student Loans

new tax-free programs for employees affected by the COVID-19 shutdown

Last Updated on November 11, 2022 by VantagePoint

In our continuing efforts to help employers and their employees, we have launched two little-known but very effective tax-deductible reimbursement programs.

New tax-free programs to help employees affected by the COVID-19 shutdown

Living Expense Card

 

  • A little-known tax code exists that only gets triggered under a Nationwide Emergency Declaration.
  • Employers can help employees meet their Living Expenses, even if furloughed.
  • The program is fully automated through VantagePoint’s unique debit card coding.
  • Targeted Financial Assistance can include: Groceries, Prescriptions, Childcare, Home Supplies, Healthcare, Clothing, and other items.

All eligible purchases are:

Student Loans

 

  • For many employees, student loans are a big expense. These payment obligations remain during the Coronavirus Shutdown.
  • Employers can now assist their employees to meet these obligations.
  • Up to $5,250 can be provided.
  • 100% tax-deductible to the employer.
  • 100% income tax-free.

This program is currently in effect and allows employer payments through December 31, 2020.

Both programs have a limited window of availability so if you are interested please do not delay.

If you want more information on establishing these plans please give us a call so we can get you set up.

 

Call us. We are here to help.

Monday – Friday: 8:30 am – 5:30 pm (516) 599-2120 or Info@VantagePointBenefit.com

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the Latest Trends on Payroll, HR and Benefits

We'll never share your email address and you can opt out at any time, we promise