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Administrators—When the small business owner enrolls in the service they, the sole-proprietor/business owner, become the administrator.

C Corporation—Typically, the most common form of a corporation.

Employee Benefit Plan (EBP)—A fringe benefit plan that employers offer to their employees.

Executive Support Bulletin—Timely and informative bulletins that are compiled regularly to address questions or concerns of producers.

HRA—An acronym for Health Reimbursement Arrangement. 

HSA—An acronym for Health Savings Accounts. It is basically a Medical Savings Account with higher limits. The tax saving that is realized from an HSA is only on the Federal side.

Internal Revenue Code (IRC)—This is a set of rules or guidelines that the IRS uses when they are out in the field, it is a guideline for business owners as well. It is the actual law that the IRS uses in their rulings.

LLC—Limited Liability Company - another name for a type of business. They usually are treated like a partnership or like a sole-proprietor.

LLP—Limited Liability Partnership—Another type of entity for a partnership, treated like a normal partnership.

MSA—Acronym for Medical Savings Accounts. These were formed in 1997, to give tax payers a larger break on their Federal taxes for medical expenses that were incurred.

Plan Document—The Legal document which holds the most important aspects of the plan itself. It is maintained by the plan facilitator.

Private Letter particular court case which may or may not have an effect on the tax payer. This is put out by the IRS. Although it is good guidance for entities, they are not meant to be used by the public as precedence.

S Corporation—Sub Chapter S Corporation-another form of corporation. When an employer uses an Individual HRA and is an S Corp they will only realize a tax savings from their FICA taxes.

Schedule C—When someone is a non-farm sole-proprietor they will file a schedule C (Profit or Loss from business) with the IRS.

Schedule F—When there is a farm sole-proprietorship they will file a schedule F (Profit or Loss from the Farm) with the IRS.

Self-employed—Term interchangeable with Sole-Proprietor.  Someone who owns their own business with few employees.

Sole-Proprietor—Name given to an employer who owns his/her own business.

Summary Plan Description—When an employer enrolls in the plan, the Department of Labor requires that the rules for the plan be put in a place where each eligible employee can view it. These rules are tied to the Adoption Agreement. (e.g. Hours worked per week, age of employees, current employees, and seasonal employees.)

Technical Advice Memorandum—This is a document put out by the IRS which sets guidelines for a particular case. Individual HRA's use a 1994 Technical Advice Memorandum.