Today TaxMama hears from Mike in the TaxQuips Forum, with a terrific question.
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Mike says, “My employer has asked me to look into finding out what is necessary to create a Tuition Assistance Program. I read through Pub 970, and all I could find was that I needed to have the agreement in writing.
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What I can’t seem to find is what exactly is needed in writing, and if there is anything else we need to do to get one started. Also I see that that money doesn’t need to be reported as income for the employee, so then what does the employer deduct the expense as?
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”
Hi Mike,
It’s a terrific benefit for employees. Good idea! Then there’s the paperwork.
Here are your options:
1) You could write up a program yourself.
2) You could find someone else’s program and copy their document.
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3) You could search around on the web to see if there is a boilerplate document.
4) You could have someone else provide a customized boilerplate document.
I found these three services that might suit you. Don’t know ANYTHING about them.
Scholarship Management Services
https://scholarshipamerica.org
How is the deduction taken? As an employee benefit. You can see that line on partnership and corporation tax returns on page 1 of the return.
And remember, you can find answers to all kinds of questions employee benefits, and other tax issues, free. Where? Where else? At www.TaxMama.com.
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