Compliance Tips For Gifts, Awards, & Other Fringe Benefits

Duration: 60 minutes Speaker: Dayna J Reum
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ABOUT THE EVENT

The IRS has indicated that fringe benefits are now an audit focus and it is no laughing matter if you improperly report - even by mistake - the fringe benefits that you provide to your employees.

Experience has shown that these audits are going to be different from regular tax audits in that they're going to be more invasive. Will your organization's accounting and reporting stand up to these audits?

Fringe Benefits - such as awards, prizes, gift certificates, and the use of company vehicles - are benefits over and above the salary provided by employers. Whether offered as a reward for good performance or an incentive to achieve sales goals, some fringe benefits are taxable, while others need not be reported or taxed. As someone handling payroll, you must know the difference - or be subjected to fines.

Learning Objectives

  • Which benefits are taxable - and how they should be reported
  • Which benefits are excludable from taxes - and how they should be documented
  • How to compute the value of a "good" versus a "service" - and how to handle the payroll tax consequences for those items considered taxable
  • How to perform your own internal review to catch anything that may actually cause an audit
  • What the IRS guidelines are for an employment tax audit
  • What to do if you have some items that should have been considered wages subject to payroll taxation

Who Should Attend

  • Payroll Professionals
  • HR Professionals
  • Accounting Professionals
  • Lawyers
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Dayna J Reum

Dayna is currently the Director of Payroll Operations at Ann & Robert Lurie Children’s Hospital of Chicago. Dayna has been heavily involved in the payroll field over 17 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards for Customer Service and Acquisitions and Divestitures. Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll. Dayna has her CPP (Certified Payroll Professional) through the APA. She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.

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Credits: 1.0

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Credits: 1.0

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