As the labor market tightens, it’s more important than ever to recognize employees for their achievements. A little-known tax provision allows doctors to provide awards to employees for length of service and safety achievement on a basis that’s tax-deductible to the practice and tax-free to the employees (including the doctor and spouse). When properly executed, this program can put tax-free dollars in your employees’ pockets while boosting morale and increasing productivity.
In order to qualify for the maximum tax-free benefits, the award must…
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