Flex Spending Account Plans are governed by Section 125 of the Internal Revenue Code. They are intended for the benefit of bona fide employees. For that reason, please note that the following are not eligible to participate in the plan: 2%+ Shareholder in an S Corporation, their spouses, children (regardless if they are a dependent), parents as well as grandparents, Members of an LLC, Partners in a Partnership, Sole Proprietors, etc. Owners in a C Corporation are eligible.

Key Employees are eligible. All plans are subject to discrimination tests, however, which may limit their participation and/or amounts.

 

 

 

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