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  • CME Funds

    I bought the WCI Conference for $900 using CME funds. I still have $767 left of CME funds for 2021. I would prefer to just have that in cash. Is there anything I can do to get it in cash? It looks like Board Vitals will give you an Amazon gift card if you buy a subscription. What exactly qualifies for CME? Does the Passive Income Real Estate Conference qualify? How do you know? I emailed my company HR and they said "educational subscriptions, books, conferences, travel etc".

  • #2
    The provider of the CME will verify if it qualifies for credit. Your employer may have less stringent requirements, though - maybe travel to and from CME counts, for example. You need to check; I’ve seen contracts go both ways.

    If you get the remaining funds in cash (if that is even an option under your employee agreement), you’ll be taxed on it.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      I think Audio Digest does the gift cards, too. It should be stipulated in your contract what counts as CME. You could always ask them for the remaining amount as a bonus but I'll go ahead and answer for them and say 'No'.

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      • #4
        Depends on how picky employer is. Unlikely a real estate course qualifies but there are some sketchy options, travelling to Venice to watch video lectures or something

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        • #5
          I would be very surprised if you could get them to consider a real estate conference CME.

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          • #6
            *While not cash, if it is a use it or lose it scenario with three weeks to go, I like an American Seminar Institute at a nice hotel, preferably at the base of a ski hill.
            *Subscription to a CME podcast of your specialty.
            *Membership to Wilderness Medical Society.
            *Learning opportunity to plan better for next year.

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            • #7
              Originally posted by ddoc79 View Post
              I bought the WCI Conference for $900 using CME funds. I still have $767 left of CME funds for 2021. I would prefer to just have that in cash. Is there anything I can do to get it in cash? It looks like Board Vitals will give you an Amazon gift card if you buy a subscription. What exactly qualifies for CME? Does the Passive Income Real Estate Conference qualify? How do you know? I emailed my company HR and they said "educational subscriptions, books, conferences, travel etc".
              The real estate conference does not qualify, but WCICON does and so do several of our online courses. We also have another product coming down the pike that will qualify. But none of them are cash and we're not going to get into the scam business where you convert CME dollars to real dollars without actually getting CME.

              If you wanted to buy something in advance though, we might be able to work something out. You could also come to WCICON in person instead of the virtual option, but you'd end up spending more than $767.
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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              • #8
                Buy medical books from Amazon, get reimbursed from CME money, return to Amazon

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                • #9
                  Originally posted by BePu View Post
                  Buy medical books from Amazon, get reimbursed from CME money, return to Amazon
                  Seems a little underhanded impo.
                  Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                  • #10
                    Originally posted by BePu View Post
                    Buy medical books from Amazon, get reimbursed from CME money, return to Amazon
                    Good way to get into some trouble.

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                    • #11
                      Originally posted by jfoxcpacfp View Post

                      Seems a little underhanded impo.
                      More than a little...

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                      • #12
                        Those gift card CMEs seem underhanded to me as well.

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                        • #13
                          Originally posted by CordMcNally View Post

                          Good way to get into some trouble.
                          agreed its morally wrong, but how would one really get into trouble? no one's checking your books at home.

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                          • #14
                            Really hope more places start doing what I've seen recently when I was applying for jobs. The CME funds were included in your biweekly/monthly paycheck across the year for you to use it as you see fit (books, equipment, registrations, courses, etc...).

                            At least this way it does away with the gimmick nonsense of buying/returning books, and tracking receipts to get your $ refunded after the fact of purchasing things.

                            Just seems like a pain in the butt to do each year to collect your $5k. Instead of forcing us to buy each year it kind of allows you to buy things as you seem fit. If you use a bit more this year, you have less next year and vice versa.

                            CME is really anything that can be considered educational to your ability to practice medicine. At least that is what I got out of it. When in doubt, ask if whatever you consider purchasing qualifies prior to buying.

                            Just my 2 cents.

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                            • #15
                              Originally posted by B1GM0N3Y86 View Post
                              Really hope more places start doing what I've seen recently when I was applying for jobs. The CME funds were included in your biweekly/monthly paycheck across the year for you to use it as you see fit (books, equipment, registrations, courses, etc...).

                              At least this way it does away with the gimmick nonsense of buying/returning books, and tracking receipts to get your $ refunded after the fact of purchasing things.

                              Just seems like a pain in the butt to do each year to collect your $5k. Instead of forcing us to buy each year it kind of allows you to buy things as you seem fit. If you use a bit more this year, you have less next year and vice versa.

                              CME is really anything that can be considered educational to your ability to practice medicine. At least that is what I got out of it. When in doubt, ask if whatever you consider purchasing qualifies prior to buying.

                              Just my 2 cents.
                              There is one potential issue with this approach. If you get audited, the money becomes taxable income unless you have the receipts to prove that the money was spent on what the IRS classifies as reasonable and ordinary business expenses. And I would think the employer could face problems as well, for paying employees untaxed dollars without receipts on file to prove that the expenses were reasonable and ordinary business expenses.

                              The recently low audit rates may make the risk of an audit low, but just the same, I would not want to be the unlucky one to find out the hard way that I owe lots of back taxes with penalties.

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