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Sponsored by Lorman Education
Product ID: 409327EAU
 
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Federal Income Taxation of Key Employee Fringe Benefits After the Tax Cuts and Jobs Act

OnDemand Webinar (64 minutes)

Understand the important changes under the Tax Cuts and Jobs Act and the latest regulations.While competitive salaries often attract top employees to join an employer, employers often provide competitive and attractive prizes, bonuses, awards, and other benefits to boost their employees' morale and reward employees for going the extra mile. However, employers must be aware of federal tax laws when providing these benefits, or else employers may find that these benefits are more expensive than they originally thought. This topic will help you learn the different ways that employees may be rewarded for exceptional performance without incurring additional tax expense or at least avoiding penalties. Review reporting and withholding requirements that ensure that employers fully comply with their federal tax obligations. This topic will also keep you abreast of important changes in this area under the Tax Cuts and Jobs Act and update you on the latest regulations.

Authors

Luke D. Bailey, Clark Hill PLC

Agenda

Transfers to Employees Generally Not Gifts

• Definition of Income Under Section 61

• Section 102 - No Income Exclusion for Gifts to Employees

Fringe Benefits

• De Minimis Fringe Benefits

• Working Condition Fringe Benefits

• Cell Phones and Other Mixed Use Technology Items

• Holiday Parties

Entertainment, Meals, and Lodging

• What Is Entertainment?

• Meals

• Meals Provided for the Employer's Convenience

• Lodging Provided for Employer's Convenience

• Changes Under Tax Cuts and Jobs Act

Transportation Benefits

• No Deduction or Exclusion for Moving Expenses Under Tax Cuts and Jobs Act

• Employer-Provided Vehicles

• Transportation Fringe Benefits

• Parking Expenses

• Changes Under Tax Cuts and Jobs Act

Prizes and Awards

• Employee Achievement Awards

• Prizes and Awards Transferred to Charities

• Qualified Employee Discounts

• Holiday Gifts

Educational Benefits

• Educational Assistance Plans

• Working Condition Fringe Benefits for Job Related Expenses

• Qualified Scholarships

• Qualified Tuition Reduction

• Seminars and Other Training Involving Travel

Withholding, Reporting, and Deduction Issues

• Reportable Items on Form W-2

• Withholding Rules Applicable to Supplemental Wages

• Withholding on Non-Cash Benefits

• Limitations on Deductions for Certain Benefits to Employees