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Credits

Sponsored by Lorman Education
Product ID: 407353EAU
 
Credit & Course Provided by:

Taxable/Nontaxable Compensation

OnDemand Webinar (89 minutes)

Gain a better understanding of the IRS's view on fringe benefit taxation and how to calculate the fair market value.The details of the IRC exceptions allowed by the IRS will be detailed and explained. As companies are providing more fringe benefits to employers more than ever before, it's reducing company costs and raising 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, and it also determines if what was thought to be a nontaxable item ends up being taxable. This information will help you better identify and calculate the fair market value of fringe benefits for taxation purposes.

Authors

Dayna J. Reum, CPP, FPC, Dayna J. Reum

Agenda

Fringe Benefit Taxation and Internal Revenue Code

Calculating the FMV (Fair Market Value) of a Noncash Fringe Benefit

Timing of Recording and Paying Tax on Noncash Fringe Benefits

IRS Special Accounting Rule and When Can It Be Used

IRS Excludable Fringe Benefits

De Minimis Fringe Benefits

Specific Excludable Fringe Benefits; Ex. Transportation, Adoption, Retirement, Achievement Awards, Education, Relocation, Group Term Life, Insurance

Understanding Gross Ups and Tax Impacts to Noncash Fringe Benefits

Payroll and AP Relationship When Looking at Fringe Benefits