For 72 years, Texas’ businesses have had enjoyed an option afforded to those of no other state: to forego covering employee injuries under their statutory workers’ compensation program.

With so many big companies evading the U.S. treasury by taking advantage of tax shelters and payment loopholes, small businesses, too, want to shave a few percentage points off their business tax rates. But those who can’t afford to pull the “double Irish” or hire a team of tax attorneys to fully exploit the system’s weak points may be ignoring the deductions for which they are eligible.

Companies with defined contribution or insurance benefit plans have many compliance issues, including the need to report the details of their benefits programs to government agencies. To satisfy the requirements of the IRS and Department of Labor (DOL), businesses must complete and submit Form 5500 during each plan year.