Fringe Benefits: Taxation Without Irritation

Duration: 90 minutes Speaker: Patrick A. Haggerty, EA
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ABOUT THE EVENT

From training and tuition to insurance coverage, meals and lodging, employer-provided benefits may be valuable perks for employees. There are a number of benefits that can be fully or partially excluded from taxable wages, but 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. In addition, the tax reform provisions of the 2017 Jobs Creation and Tax Act (JCTA) changed the rules for a number of popular benefits. Some benefits which could previously be excluded from employee wages under prior law are now taxable and the for some benefits the employer can no longer deduct some or all of the cost.

In this webinar join expert speaker Patrick A. Haggerty, where he will discuss the regulations and compliance requirements for Substantiation, recordkeeping, taxation and reporting of fringe benefits. He will also provide an overview of common and some uncommon benefits and the rules governing them.

Learning Objectives:

  • Which fringe benefits were changed under the 2017 tax reforms and the impact of those changes
  • Which fringe benefits may be excluded from employee wages and the rules for exclusion
  • The limitations on employer tax deductions for certain fringe benefits
  • Methods for determining the value of fringe benefits for tax purposes
  • When and how to include the value of taxable fringe benefits in employee compensation
  • When and how to compute, withhold, deposit and report taxes for taxable fringe benefits
  • The rules for cafeteria (Section 125) plans and Simple Cafeteria Plans
  • How the changes affected the de minimis and achievement awards rules
  • Why an accountable expense reimbursement plan may be more important that ever

Why You Should Attend:

The rules for certain fringe benefits changed significantly under the Jobs Creation and Tax Act of 2017. This created some new complexities with changes to which benefits might be excluded from employee wages and new limitations on the employer’s ability to use the cost of certain benefits to reduce the employer’s tax liability. The IRS has been stepping up enforcement with regard to fringe benefits and non-compliance with the rules and regulations can lead to costly penalties and fines.

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
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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.

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Credits: 1.5

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Credits: 1.5

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Credits: 1.0

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