1040 Preparation and Planning 3: Gross Income: Compensation and Fringe Benefits (2025)
Author: Barbara Weltman, Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This two-hour CPE course, the third in the 1040 Preparation and Planning series, covers compensation and fringe benefits. It also covers the tax treatment of distributions and loans from qualified retirement plans.
Tax developments reflected in this course include the extensive changes effective for 2024 that were created by the Consolidated Appropriations Act, 2023 (which includes SECURE Act 2.0), the Inflation Reduction Act of 2022, and other tax legislation, as well as IRS pronouncements and court decisions. They impact 2024 tax year returns that will be filed during the 2025 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2025 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2024 tax returns for the 2025 filing season.
Publication Date: September 2024
Topics Covered
- Compensation for Personal Services
- Form W-2 Reporting and Withholding
- Foreign Earned Income Exclusion
- Life Insurance Premiums Paid by Employers
- Meals and Lodging Furnished to Employee
- Employer's Contributions to Employee Retirement Plans
- Pensions and Retirement Pay Received
- Loans from Qualified Retirement Plans
- Medical Insurance and Reimbursement Plans
- Dependent Care Assistance Plans
- Employer-Provided Educational Assistance
- Employer-Provided Adoption Assistance
- Other Fringe Benefits
- Clergy's Rental Allowance and Living Quarters
- Veterans and Members of the Armed Forces
Learning Objectives
- Explain compensation in whatever form it is paid
- Explain entries on Form W-2 as they relates to the income tax return
- Identify various types of employee benefits plans
- Recognize which benefits are taxable and which benefits are excludable from income
- Explain distributions and loans from qualified retirement plans
- Identify the different types of stock options for employees
- Explain special rules for veterans and members of the armed services
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of Federal Tax Law
Advance Preparation
None
