Fringe Benefits are an important component for recruiting and keeping high quality employees in today’s business world. But the diversity of available fringe benefits can make the area of payroll compliance positively overwhelming!
Background:
Let’s face it… complying with the Internal Revenue Tax Code requirements and federal regulations for fringe benefits such as relocation, meals, lodging, educational assistance, health insurance, transportation and third-party sick pay can be complicated. The taxation and reporting for these fringe benefits offered by many companies today are major components of a payroll department’s responsibilities. And with the IRS looking for consistency of treatment—you can’t afford to make a mistake.As a payroll professional you must know cold—no guessing—when a fringe benefit is taxable and when it is not, when it is reportable and when it is not. Payroll must know when providing a fringe benefit must be considered wages or if it is “tax free”. What if the employee pays some of the cost of a fringe benefit? How does that affect taxing and reporting? Are there dollar limits? Does it become taxable after a certain amount? And after you have mastered all the facts along comes a new tax bill by Congress that can change everything you just learned when it comes to taxing fringe benefits.All fringe benefits must be handled correctly, under the latest rules, to minimize the chance for penalties and interest to be levied against your company or for triggering larger and more intrusive governmental audits.
Fringe Benefits covered in this event:
Who Should Attend:
Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company’s website www.thepayrolladvisor.com offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations. With 40 years of hands-on experience in all facets of payroll functions as well as over three decades as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today. A pioneer in electronic and online education, Ms. Lambert produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country. Ms. Lambert is an adjunct faculty member at Brandman University in Southern California where she is the instructor for the American Payroll Association’s “PayTrain” online program offered by Brandman University.
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Credits: 1.5
Credits: 1.5
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