Gain a better understanding of the IRS view on fringe benefit taxation.
Companies are providing more fringe benefits to employers more than ever before, thus reducing company cost but raises employee morale. 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. Participants will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes.
Learning Objectives
- You will be able to discuss fringe benefits that should be taxable and why.
- You will be able to identify how to calculate the value of a noncash fringe benefit.
- You will be able to recognize year end best practices for fringe benefit taxation.
- You will be able to review FMV (Fair Market Value) and how the IRS determines it.
Agenda
Fringe Benefit Basics
- Understanding the Internal Revenue Code and What It Means for Fringe Benefits
- Proper Calculation of the FMV(Fair Market Value) of Non-Cash Fringe Benefits
- IRS Special Accounting Rule
IRS Excludable Fringe Benefits
- No Additional Cost Services, Employee Discounts, Working Condition Fringe Benefits
- De Minimis Fringe Benefits
- Specific Excludable Fringe Benefits Ex. Transportation, Adoption, Retirement, Achievement Awards, Education, Relocation, Group Term Life, Insurance
Fringe Benefit Best Practice
- Gross up’s When Should They Be Used
- Employee Tax Impact Communication
- How to Properly Report Fringe Benefits on Employee Pay
- Payroll and Accounts Payable Relationship in Regard to Fringe Benefits
Tax Reporting of Fringe Benefits
- Details Around Form 941
- Unemployment Filing and Form 940 Fringe Benefits Reporting.
- Form W-2
Speakers
Dayna J. Reum, CPP, FPC,
Dayna J. Reum- Currently the director of payroll operations at a major medical center in Chicago
- Has been heavily involved in the payroll field for more than 17 years
- Starting as a payroll clerk at a small Tucson company, she moved on to be a payroll team leader at Honeywell Inc.
- During her time at Honeywell Inc. she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association
- Received several merit awards for customer service and acquisitions, and divestiture
- Taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference
- CPP (Certified Payroll Professional) through the APA
- Serves on the National American Payroll Association on the national Strategic Leadership Task Force, Government Affairs Task Force (PA local tax subcommittee)
- Received a citation of merit for her service along with being a gold pin member of the APA
- Certified in HR hiring and firing practices and is a Six-Sigma Greenbelt
Who Should Attend
This live webinar is designed for human resource and payroll professionals, benefits managers, business owners and managers, controllers, CFOs, accountants, attorneys, and bookkeepers.
