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Tax-Free Education Benefits For Law Firm Employees
Law firms can provide a valuable fringe benefit for their employees by paying for their education costs. There are several ways a firm can choose to provide this benefit, and depending on the circumstances, one way may be more valuable than another. In addition, the different ways of providing the benefit are not mutually exclusive, and can be mixed and matched to provide greater benefits than one method might provide.
The different ways of providing the benefit are:
- Scholarships and grants under IRC '117;
- Education assistance programs under '127; and
- Working condition fringe benefits under '132.
Each way will provide tax-free education benefits to the firm's employees, provided the specific criteria of each code section is met.
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