Overview:

The IRS is auditing employers more and more each day and an area of most non-compliance. Most non-compliance occurs in regard to handling Fringe Benefits. Additionally, employers are offering more Fringe benefits versus cash compensation because it is a cost savings to employers. 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. 

Companies are providing more fringe benefits to employers more than ever before, thus reduces company cost but raises employee morale. Because of this, the IRS has more to say on what Fringe Benefits are taxable and what are not. The IRS for non-taxable fringe benefits puts a lot of regulation around how the fringe benefit is given and when that also determines if a thought non- taxable item may end up being taxable.

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

Areas covered in this Training:

- 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.

Why Attend this Training:

Participants with walk away with a better understanding of the IRS view on fringe benefit taxation. The details of the IRC exceptions allowed by the IRS will be detailed and explained to participants. Companies are providing more fringe benefits to employers more than ever before, thus reduces company cost but raises employee morale. Because of this the IRS has more to say on what Fringe Benefits are taxable and what are not. The IRS for non-taxable fringe benefits puts a lot of regulation around how the fringe benefit is given and when that also determines if a thought non-taxable item may end up being taxable.

Participant will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes. Learn-

-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

Suggested Attendees:

- Payroll Professionals
- HR professionals
- Public Accountants
- Internal Auditors
- Tax Compliance Officers
- Employee Benefits Administrators