Fringe Benefit Taxation Updates: Navigating IRS Guidelines for Compliance and Calculation

Credit(s)

IRS CPE Credits: 1 Tax hour

In this session, participants will gain a comprehensive understanding of the IRS perspective on fringe benefit taxation. We will delve into the intricate details of Internal Revenue Code (IRC) exceptions permitted by the IRS, providing clear explanations to participants.

As companies increasingly offer a diverse range of fringe benefits to enhance employee morale and reduce overall costs, it becomes imperative to navigate the IRS regulations governing the taxability of these benefits. The IRS has established specific guidelines for determining which fringe benefits are taxable and which are not. Understanding the intricacies of these regulations is crucial, as seemingly non-taxable items can become taxable based on how and when they are provided.

By the end of the session, participants will be equipped with the knowledge to better identify and calculate the fair market value of fringe benefits for taxation purposes. This insight will empower them to navigate the complex landscape of IRS regulations, ensuring compliance and informed decision-making in the realm of fringe benefit taxation.

Webinar Agenda

• 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.
• Annual Fringe Benefit limits will be reviewed.

Webinar Highlights

• 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

Who Should Attend

Payroll and Tax Professionals