The benefits of workplace wellness programs are endless. Not only is it useful for attracting top talent, but healthier employees inevitably lead to “lower medical claims costs, which leads to lower medical premiums, which leads to a better profit margin.”
To boost engagement, most employers offer some sort of incentive to employees for participation. However, employers be careful! On your quest to do goodery, it may be possible that you are performing illegal tax practices.
In 2016, the IRS issued a chief counsel advice tax memorandum (210622031) to clarify: workplace wellness incentives are taxable and they are not considering medical benefits! Attorneys say that the memorandum signals that the IRS is paying more attention to these programs. Now it’s more important than ever to take a second glance at your wellness programs incentives!
Fortunately, instituting wellness program incentives is what IncentFit does best, and there’s a lot that we can do to make the process not only easier but legally sound. Here are just a few ways that Incentfit can provide for your company with Uncle Sam’s approval:
Whatever direction you want to take your wellness program, Incentfit will make sure that the IRS isn’t knocking on your door! Schedule some time with us if you’d like to learn more.
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