This training program will discuss the taxation of different types of fringe benefits related to transportation including the personal use of a company car, proper accounting and taxation of auto allowances, personal use of a company aircraft, and the IRS 132 fringe benefits such as parking and mass transit passes.
The Internal Revenue Code has strict guidelines on the taxation and reporting of transportation fringe benefits that must be adhered to in order to avoid audits and penalties. This webinar will explore how the definition of transportation fringe benefits crosses the spectrum from providing a company car, paying for bus passes and parking spots to providing a bicycle and may even include the time spent on a private company plane. And the taxation requirements can be just as varied - from no taxation to the required use of algebraic formulas.
Why Should You Attend:
Fringe benefits, including transportation fringe benefits, are an integral part of a compensation package for employees today. When determining what fringe benefits to provide the first question that usually arises is “how are we going to do it.” But your task doesn’t stop once that question is answered and the fringe benefit is provided. When providing transportation fringe benefits the very next question that must be answered before that employee starts that new car, pulls into the parking space or hops on the bus is-what are the IRS taxation and reporting requirements?The Internal Revenue Code has strict guidelines on the taxation and reporting of transportation fringe benefits that must be adhered to in order to avoid audits and penalties. This webinar will explore how the definition of transportation fringe benefits crosses the spectrum from providing a company car, paying for bus passes and parking spots to providing a bicycle and may even include the time spent on a private company plane. And the taxation requirements can be just as varied - from no taxation to the required use of algebraic formulas.
Areas Covered in the Webinar:
- What are the four allowable methods to calculate the personal use of a company car
- How to calculate the taxable wages for the personal use of a company vehicle using one of the four accepted IRS methods
- When an auto allowance is considered taxable wages and when it is not
- IRS 132 transportation fringe benefits including parking, bus passes and tokens and bicycles - when to tax and when not to - what are the limits
- Calculating the personal use of a company aircraft even if there is a business trip involved somewhere
Who Will Benefit:
- Payroll Professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Lawmakers
- Attorneys
- Any individual or entity that must deal with the complexities and technicalities of the taxation and reporting of transportation fringe benefits within the payroll process
Course Provider
Vicki M. Lambert,
