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.
Taxable & Non-Taxable Fringe Benefits
Instructor: Greta P. Hicks
Product ID: 501504
Objectives of the Presentation
Fringe 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
Why Should you Attend
  • 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?
Have your employees, employer or client asked you, "What can you pay employees and it not taxable as employee wages?" If you've been asked this question, this is the course for you.

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?
Who can Benefit
  • Human Resources
  • Payroll Management
  • Tax Department
  • Personnel Management
  • All industries that have employees
$300
Recorded Session for one participant
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems. She is the author of "IRS Examination and Appeals Procedures" on www.CCH.com as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.

Greta has been active in the Texas Society of CPAs for 40 years and has served on the IRS Relations Committee, on the Editorial Board of the TSCPAs and was the Tax Editor of Today's CPA. Her activities for the Houston Chapter of CPAs included Coordinator of Houston's IRS/Practitioner Study Group, Relations with Taxing Entities Committee, Teaching Taxes Committee, plus the Spring EXPO and Tax EXPO Committees.
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