Employees may receive up to $5250.00 in tax free education assistance benefits for courses the employer is subsidizing. The education benefits don’t have to be courses directly related to the job. These benefits are provided in the tax relief act of 2010 just the same as own real estate listings and deducting the interest paid on mortgages and paid property taxes. The benefit covers tuition, fees, similar expenses, books, supplies and equipment. The employee must pay taxes for any benefits received from employer that is greater than $5250.00
The advancement assistance by the employer will normally provide at it discretion academic assistance only for courses of study which are directly related to the employee’s present job or which will enhance the employee’s potential for advancement to a position within the company which the individual has a reasonable expectation of achieving. In addition, the courses or programs probably are offered by accredited institutions of learning.
Only full-time employees that have completed one (1) year of service are eligible for assistance.
Employees interested in education assistance must obtain prior approval from the Department of Human Resources or Employer in most cases before enrolling into any type program. Such approval will not be granted without a positive recommendation by the employee’s supervisor and or employer.
Upon completion of the course the employee shall submit to his/her supervisor or Department Head a certified transcript of grades received and receipts for expenses incurred. The company will then reimburse the employee the applicable amount of the cost of tuition and registration up to three hundred dollars per course. There shall be no reimbursement for grades below “C” normally. Employees who take courses at the specific request or direction of management may be reimbursed for all costs in advance.
Employees are expected to schedule class attendance and the completion of study assignments outside of their regular working hours.