Fringe Benefits Taxation (Completed)

From training and tuition to insurance coverage, meals and lodging, employer-provided benefits may be valuable perks for employees. There are a number of benefits that can be fully or partially excluded from taxable wages, but the rules for exclusion vary for different benefits and even for different taxes with regard to the same benefit. The rules are complex and can be confusing.

In addition, the tax reform provisions of the 2017 Tax Cuts and Jobs Act (TCJA) changed the rules for a number of popular benefits. Some benefits that could be excluded from employee wages prior to the TCJA are now taxable and for some benefits employers may no longer deduct some or all of the cost.

This webinar covers the important changes tax reform brought to fringe benefits as well as provides an overview of common and some uncommon benefits and the rules governing them. It is important for employers to “get it right” with regard to whether benefits may be excluded from wages, and if they must be included, comply with federal and state wage and tax withholding, deposit, and reporting requirements.

Who Should Attend
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, and Audit and Compliance Personnel / Risk Managers.

Topics Covered

• Changes to fringe benefit taxation under the TCJA and the impact of those changes
• Fringe benefits that may be excluded from employee wages and requirements for exclusion
• Fringe benefits for which employer expense deductions are limited
• Methods for determining the value of fringe benefits for tax purposes
• Including taxable fringe benefits in employee compensation: timing and methods
• Tax computation, withholding, deposit and reporting requirements
• Cafeteria (Section 125) plans and Simple Cafeteria Plans
• New rules for de minimis benefits and achievement awards
• Accountable expense reimbursement plans and why they may more important than ever

Learning Objectives

• Identify changes to fringe benefits under the 2017 tax reforms and the impact of those changes
• Differentiate between taxable fringe benefits and benefits that may be excluded from employee wages
• Recognize how to use IRS literature to assist in administering taxable fringe benefits in terms of valuation, inclusion in income, and the computation, withholding, deposit, and reporting of taxes
• Describe the requirements for an accountable expense reimbursement plan

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of fringe benefits.

Advance Preparation
None