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Human Resource & Payroll

Employer's Tax Guide to Fringe Benefit Taxation & What Publication 15-B (2022) says about It!

Overview

Fringe benefits - often called "perks" - are a form of compensation for services beyond the employee's normal rate of pay. Companies are providing more fringe benefits to employers more than ever before, thus reducing company costs but raising employee morale. 


Due to changes in both, the economy and the Internal Revenue Code and COVID-19 legislation, Fringe Benefit planning has become one of the most important areas of planning for your client’s business and personal needs. In addition, the tax reform provisions of the 2017 Jobs Creation and Tax Act (JCTA) changed the rules for a number of popular benefits. 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. And recently released Publication 15 -B (2022) by the IRS, has a lot to say on Fringe Benefit Taxation.


This course looks at those various tools and techniques and provides the practitioner with a basic understanding of how to use each one.

 

 


Areas Covered in the Training:

-IRS rules for taxation of Fringe Benefits
-How to calculate the value of a Non-Cash Fringe Benefit
-Review FMV (Fair Market Value) and how the IRS determines it.
-Details of how the Jobs Creation and Tax Act (JCTA) impacted Fringe Benefits
-Procedures for recording Fringe Benefits
-Once a benefit is determined taxable, how to handle it
-Review of excludable Fringe Benefits
-Discussion on No additional cost services, employee discounts, working condition fringe benefits & De-minimis Fringe Benefits.
-Year-end best practices for fringe benefit taxation
-Brief overview of how to handle any fringe benefits that AP pay.

 

 


Why Attend This Training:

Fringe benefits are just another way of paying your employees. Do you know how to correctly track fringe benefits, as well as apply and report the various withholding tax rules for those fringe benefits? The IRS says fringe benefits must be included in, and reported as a part of employee pay, but with any good tax law, there are always exclusions to that rule. Knowing how to handle fringe benefits can be complicated, especially in an area that changes on an annual basis. And it has something new this year too with the release of Publication 15-B (2022) by the IRS. Attendees will walk away with a better understanding of what the IRS’s views and requirements are around fringe benefits, what constitutes a fringe benefit, and whether it is taxable or not. The details of the IRC exceptions allowed by the IRS will be detailed and explained to attendees. And attendees will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes. Also will be covered:


-Review qualified transportation benefits, Moving/Relocation Expenses
-Discuss several excludable fringe benefits such as Retirement planning, athletic facilities, achievement awards, etc.
-Review executive taxation items, like spousal travel. Company aircraft usage etc.

 

 


Duration: 60 Minutes
Suggested Attendees:

-Payroll Supervisors and Personnel
-HR Supervisors and Personnel
-Public Accountants
-Internal Auditors
-Tax Compliance Officers
-Enrolled Agents
-Employee Benefits Administrators
-Officers and Managers with Tax or Benefits Compliance Oversight
-Company / Business Owners
-Managers/ Supervisors
-Public Agency Managers
-Audit and Compliance Personnel / Risk Managers

 

You may ask your Question directly to our expert during the Q&A session.

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