QSPPQualified Sick Pay Plan (employee benefit)
QSPPQuebec Society for the Protection of Plants (Canada)
QSPPQuality, Strategy, Process, People (consultancy)
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References in periodicals archive ?
Because not having a QSPP in place creates accounting and legal liabilities, advice about its benefits from a CPA can lead to considerable savings and better company morale.
After developing the basic design for the employer's plan with the help of some specific questions (see "Questions that develop the QSPP"), the next step is to get the information and sample plan documents to the employer's legal counsel.
Once your client agrees that a Salary Continuation Plan or QSPP needs to be drafted and put in place, the next question that needs to be addressed is, "To fund or not to fund?"
Once a QSPP is in place, the plan is automatically considered "funded" by the employer, whether or not funding exists.
Salary Continuation Planning/ QSPP allows you to work with business owners and show them how to use well-established IRS rules and regulations to their advantage.
In order to have your plans coordinate, I am recommending you have a 90-day wait on your QSPP for you and the other key employees.
Question: Most QSPPs will have benefits payable to either age 65 or to normal retirement age.
The requirements for a QSPP include two documents: the plan resolution and a plan letter.
The company first adopts a plan resolution in which it formally creates the QSPP and names the employees who will be covered by the plan.
One of the benefits of a QSPP is the flexibility it offers business owners.
If the tax advantages of having a QSPP in place--deductible wage payments--are not enough to sell the idea, the tax advantages of funding a plan also make it attractive.
In addition to the tax benefits, an insured QSPP offers other advantages.