Description
Gain a better understanding of the IRS view on fringe benefit taxation.
Companies are providing more fringe benefits to employers more than ever before, thus reducing company cost but raises employee morale. Because of this the IRS has more to say on what Fringe Benefits are taxable and what are not. The IRS for nontaxable fringe benefits puts a lot of regulation around how the fringe benefit is given and when that also determines if a thought nontaxable item may end up being taxable. Participants will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes.
Date: 2024-03-01 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to discuss fringe benefits that should be taxable and why.
* You will be able to identify how to calculate the value of a noncash fringe benefit.
* You will be able to recognize year end best practices for fringe benefit taxation.
* You will be able to review FMV (Fair Market Value) and how the IRS determines it.
Fringe Benefit Basics
• Understanding the Internal Revenue Code and What It Means for Fringe Benefits
• Proper Calculation of the Fmv(Fair Market Value) of Non Cash Fringe Benefits
• IRS Special Accounting Rule
IRS Excludable Fringe Benefits
• No Additional Cost Services, Employee Discounts, Working Condition Fringe Benefits
• De Minimis Fringe Benefits
• Specific Excludable Fringe Benefits Ex. Transportation, Adoption, Retirement, Achievement Awards, Education, Relocation, Group Term Life, Insurance
Fringe Benefit Best Practice
• Gross ups When Should They Be Used
• Employee Tax Impact Communication
• How to Properly Report Fringe Benefits on Employee Pay
• Payroll and Accounts Payable Relationship in Regard to Fringe Benefits
Tax Reporting of Fringe Benefits
• Details Around Form 941
• Unemployment Filing and Form 940 Fringe Benefit Reporting.
• Form W-2
AIPB ,CPP/FPC (Pending) ,ASA ,Enrolled Agents ,HR Certification Institute ,CPE ,SHRM ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Dayna J. Reum, CPP, FPC-Dayna J. Reum
