Fringe Benefits Taxation Update
Author: Bradley Burnett
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
Fringe benefits in all their glory save both employers and employees a bundle of money in income and employment taxes. Congress and IRS have been chipping away lately at the pile of fringe benefits, adding new ones and eliminating and tweaking others.
TCJA has assaulted the deduction for employee parking, qualified transportation fringes, moving expenses, entertainment and meals. IRS has been active issuing rulings. Things are not the same. This course brings you up to speed.
Publication Date: September 2019
Designed For
Interested persons desiring to learn recent changes and responsibly maximize tax free fringe benefits for employees.
Topics Covered
- Parking and qualified transportation fringes turned upside down
- Entertainment deduction axed, but what about employee's Forms W-2?
- The fringe benefit formula in all its naked glory
- New credit for family and medical leave — The devil in the details
- §105 and 106 Health insurance and reimbursement benefits after ACA (C corps, S corps, partnerships (and dual member LLCs), SMLLCs and sole proprietors
- §223 Health Savings Accounts contributions by an employer (whoa, watch those discrimination rules)
- §132 Working Condition, No Additional Cost, De Minimis and Qualified Employee Discount Fringe Benefits
- Accountable expense reimbursement plans after TCJA
- Income tax and employment tax implications
Learning Objectives
- Identify recent developments affecting tax free fringe benefits for employees
- Recognize how to develop a working knowledge as to what remains available
- Describe how to responsibly deliver tax free fringes to employees
- Identify an example of a working condition fringe
- Recognize what is never excludable as a de minimis fringe
- Differentiate correct statements with respect to business and entertainment meals under the TCJA
- Identify appropriate fringe benefits formula to determine the taxable amount to an employee
- Recognize the fair market value of an employer provided vehicle is the amount an employee would pay
- Identify employee wage amounts
- Identify when a cafeteria plan may not allow an employee to request salary reduction contributions for a health FSA in excess of $2,700
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
