Taxation of Fringe Benefits (2023 Updates)

Duration: 90 minutes

Speaker: Patrick A. Haggerty, EA

CREDITS:

Available On-Demand

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ABOUT THE EVENT

The session will cover the general rules for fringe benefits including benefits that may be excluded from employee wages as well as benefits that are fully or partially taxable. 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. For taxable non-cash benefits, valuation can be a complex process and are sometimes subject to special rules. It is also critical to know when to treat a benefit as provided to the employee so that the employer is compliant with tax withholding and deposit requirements. This session will include discussion of tax treatment of benefits employers may provide to employees during the national disasters.

Areas Covered:

Fringe benefits under a national emergency declaration
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
When to include taxable benefits in employee compensation: timing and methods
Tax computation, withholding, deposit and reporting requirements
Cafeteria (Section 125) plans and Simple Cafeteria Plans
Changes to fringe benefit taxation under the TCJA and the impact of those changes
Accountable expense reimbursement plans and why they may more important than ever

Learning Objectives:

Identify fringe benefits that may be excluded or partially excluded from employee wages.
Understand the rules that apply to benefit exclusion from wages.
Understand limitations on employer tax deductions for certain fringe benefits
Identify methods used to determine the value of fringe benefits for tax purposes
Know when and how to include the value of taxable fringe benefits in employee compensation
Know when and how to compute, withhold, deposit and report taxes for taxable fringe benefits
Understand the rules for cafeteria (Section 125) plans and Simple Cafeteria Plans
Understand why an accountable expense reimbursement plan may be more important than ever

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
Audit and Compliance Personnel / Risk Managers

Handouts & Reference Material:

IRS Pub 15-A Employer’s Supplemental Tax Guide
Section 5: Wages and Other Compensation
Section 6: Sick Pay Reporting
IRS Pub 15-B Employer’s Tax Guide to Fringe Benefits

Speaker(s)

Patrick A. Haggerty, EA

Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

CEUs

The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.

Credits: 1.5

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.5

Credits: 1.5

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