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Human Resource & Payroll

Fringe Benefit Taxation, Reporting & Withholding - IRS Updates for 2024

Overview:

Companies are providing more fringe benefits to employers more than ever before, thus reduces company cost but raises employee morale. Because of 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.

As a payroll professional you must know cold—no guessing—when a fringe benefit is taxable and when it is not, when it is reportable and when it is not. Payroll must know when providing a fringe benefit must be considered wages or if it is “tax free”.  What if the employee pays some of the cost of a fringe benefit? How does that affect taxing and reporting? Are there dollar limits? Does it become taxable after a certain amount? And after you have mastered all the facts along comes a new tax bill by Congress that can change everything you just learned when it comes to taxing fringe benefits.

All fringe benefits must be handled correctly, under the latest rules, to minimize the chance for penalties and interest to be levied against your company or for triggering larger and more intrusive governmental audits.

Areas covered in this Training:

• Review FMV (Fair Market Value) and how the IRS determines it.
• Discussion on No additional cost services, employee discounts, working condition Fringe Benefits & De minimis Fringe Benefits.
• Review qualified transportation 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
• Brief overview of how to handle any Fringe Benefits that AP pay.
• Review of at home office amounts for remote workers
• IRS ruling on cell phones

Why Attend this Training:

After attending this webinar, you will walk away with a better understanding of the IRS view on fringe benefit taxation. The details of the IRC exceptions allowed by the IRS will be detailed and explained to participants. You will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes. You will get in-depth knowledge on-

• IRS rules for taxation of Fringe Benefits
• How to calculate the value of a noncash 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

Suggested Attendees:

• Payroll Professionals
• HR professionals
• Accounting Personnel
• Business Owners
• Attorneys/ Legal Professionals
• Operations and Departmental Managers

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