Taxable & Non-Taxable Fringe Benefits
Duration: 90 Minutes
Taxable and nontaxable fringe benefit are scattered throughout the Internal Revenue Code. Benefits can be hid in Sec 274, 162, 119, 132, 127, and 82. This course will concentrate on the development of an Accountable Reimbursement Plan under Sec 274 and accompanying regulations plus recent pronouncements and inflation increases.
Objectives of the Presentation
Fringe Benefit examples and how they relate to W2 and 1099 preparation:
Employee expense reimbursements are subject to IRS guidelines and can be disallowed as expenses - and even considered compensation to those employees - if not handled correctly. Further, if employee expense reimbursements do not meet IRS guidelines, they may be disallowed as expenses and considered compensation to those employees, leaving the employer responsible for the associated payroll taxes - plus any penalties.
Areas Covered
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Download AgendaFringe Benefit examples and how they relate to W2 and 1099 preparation:
- Accountable vs. non-Accountable Expense Reimbursement Plans
- Record keeping requirements of Sec. 274 & Accountable Plans
- 50%, 80%, and 100% Deductible Meals
- De minimis fringe benefits
- No added cost benefits
- Cash payments
- Auto allowances
- Company vehicles
- Prizes, awards, gifts
- What goes on the W-2?
- What goes on a 1099?
- Fringe benefits you might be missing
- Accountable employee reimbursement plan
- What employee benefits are non-taxable to employees?
- What expenditures are wages to employees?
Employee expense reimbursements are subject to IRS guidelines and can be disallowed as expenses - and even considered compensation to those employees - if not handled correctly. Further, if employee expense reimbursements do not meet IRS guidelines, they may be disallowed as expenses and considered compensation to those employees, leaving the employer responsible for the associated payroll taxes - plus any penalties.
Areas Covered
- What are the taxable and non-taxable wages?
- Are meal allowances nontaxable?
- Are travel allowances nontaxable?
- What other benefits are nontaxable wages?
- What meals are 100% deductible and nontaxable to employees?
- Human Resources
- Payroll Management
- Tax Department
- Personnel Management
- All industries that have employees