Fringe benefits are a key part of your workforce compensation strategy, but they are also an area of focus for the Internal Revenue Service. IRS rules dictate everything from calculation methods to what’s excludable and how fair market value is determined. On top of all this, the Tax Cuts and Jobs Act impact fringe benefits as well. Put simply, this is a key area you can’t ignore.
Join payroll specialist Dayna Reum in this detail-packed webinar as she equips you to understand how the IRS views fringe benefits and their taxation, what’s exempt, and what’s taxable. Companies are providing their employees with more benefits than ever before, and the IRS has used that to have more say in what is taxed and what isn’t. It’s imperative that you understand tax implications before you offer fringe benefits and know how they are treated by the IRS when they are put in place.
After attending this live audio event, you will know how to calculate the value of a non-cash fringe benefit, what fringe benefits are excludable, and how they are recorded. You will also know all about fair market value and how the IRS determines it, and you will know about no-additional-cost services and employee discounts.
How to calculate the value of a non-cash fringe benefit
Review of excludable fringe benefits
How the Tax Cuts and Jobs Act impacted fringe benefits
Procedures for recording fringe benefits
Year-end best practices for fringe benefit taxation
All about fair market value and how the IRS determines it
A discussion of no-additional-cost services, employee discounts, working condition fringe benefits, and de minimis fringe benefits
A review of qualified transportation benefits
Discussion of the benefits that are taxable
Discussion of excludable benefits such as retirement planning, athletic facilities, and achievement awards
A review of moving and relocation expenses
A review of executive taxation items like spousal travel and company aircraft usage
How a benefit should be handled once it is determined taxable
Dayna is currently the Payroll Tax Manager at PetSmart Inc. Dayna has been heavily involved in the payroll field over 15 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 ...