Fringe Benefits Taxation
Participants with walk away with a better understanding of the IRS view on fringe benefits taxation. The details of the IRC exceptions allowed by the IRS will be detailed and explained to participants. Participants v/s Companies are providing more fringe benefits to employers more than ever before, thus reduces company costs 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 non-taxable fringe benefits puts a lot of regulation around how the fringe benefit is given and when that also determines if a thought non-taxable item may end up being taxable.Areas Covered Internal Revenue Code and how to understand how fringe benefits are writtenReview taxation of a home office and other COVID related benefitsParticipants will be able to better identify and calculate the fair market value of fringe benefits for taxation purposesWho Should AttendPayrollHRCompensation ProfessionalsWhy Should You Attend How to calculate the value of a non-cash fringe benefitReview of excludable fringe benefitsDetails of how the tax cuts and jobs act impacted fringe benefitsProcedures for recording fringe benefitsYear-end best practices for fringe benefit taxationReview FMV (Fair Market Value) and how the IRS determines itDiscussion on No additional cost services, employee discounts, working condition fringe benefits and De minimis Fringe BenefitsDiscuss several excludable fringe benefits such as retirement planning, athletic facilities, achievement awards, etcDiscuss fringe benefits that should be taxableReview Moving/Relocation ExpensesReview executive taxation items, like spousal travel, company aircraft usage, etcOnce a benefit is determined taxable, how to handle it.
Single
Participants with walk away with a better understanding of the IRS view on fringe benefits taxation. The details of the IRC exceptions allowed by the IRS will be detailed and explained to participants. Participants v/s Companies are providing more fringe benefits to employers more than ever before, thus reduces company costs 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 non-taxable fringe benefits puts a lot of regulation around how the fringe benefit is given and when that also determines if a thought non-taxable item may end up being taxable.
Areas Covered
- Internal Revenue Code and how to understand how fringe benefits are written
- Review taxation of a home office and other COVID related benefits
- Participants will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes
Who Should Attend
- Payroll
- HR
- Compensation Professionals
Why Should You Attend
How to calculate the value of a non-cash fringe benefit
- Review of excludable fringe benefits
- Details of how the tax cuts and jobs act impacted fringe benefits
- Procedures for recording fringe benefits
- Year-end best practices for fringe benefit taxation
- Review FMV (Fair Market Value) and how the IRS determines it
- Discussion on No additional cost services, employee discounts, working condition fringe benefits and De minimis Fringe Benefits
- Discuss several excludable fringe benefits such as retirement planning, athletic facilities, achievement awards, etc
- Discuss fringe benefits that should be taxable
- Review Moving/Relocation Expenses
- Review executive taxation items, like spousal travel, company aircraft usage, etc
- Once a benefit is determined taxable, how to handle it.
