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Fringe Benefits - How to Keep a Happy Workforce While not Incurring Unnecessary Payroll and Income Tax Expense
- Definition of Fringe Benefits, and how to distinguish them from expense reimbursements
- What is new for 2024 – including COVID 19 considerations
- What is excludable from taxes and what you must withhold and pay payroll taxes on
- Types:
- Adoption Assistance
- Athletic Facilities
- De Minimus
- Dependent Care Assistance
- Educational Assistance
- Employee Discounts
- GTL Insurance
- Lodging
- Meals
- Moving Expense
- No Additional Cost Services
- Transportation
- Working Condition Fringe
- Moving Expenses
- Awards and Prizes
- Cafeteria Plans – what can and can’t be included
- Use of Company Vehicles for personal use, and company use of employee’s personal vehicles.
- How to properly value a fringe benefit
- How to properly tax a fringe benefit
- Executive Compensation
- Stock Options
- Deferred Compensation
- Golden Parachutes
- Statutorily Deductible Executive Fringe Benefits
- Section 132 of the IRC
Overview of the webinar
There are lots of ways to reward workers other than wages. Smart businesses understand the two-way importance of helping employees out with things like education, commute help, health and wellness, etc. The IRS also recognizes the economically stabilizing results of fringe benefits. They have categorized the many different types of benefits, and set limits on which the value does not have to be taxed to the worker.
However, limitations exist on types and amounts of fringe benefits that are non-taxable to the worker. Making mistakes can result in audits, inquiries or assessments for unpaid taxes.
Who should attend?
- Compensation Administrators
- HR and Payroll Management
- Tax and Financial Officers and Staff
- Executives who receive a wide variety of benefits
Why should you attend?
Specifically, IRS auditors are focusing on executive compensation. Stock options, golden parachutes, insurance and other perks are designed to keep your high-priced executive talent in place. However, mismanagement of these benefits can subject you to not only payroll tax audits, but personal income tax audits for the executive.
Being both knowledgeable and choosy about which benefits you provide will go a long way in keeping workers motivated without breaking either your company’s or the workers’ budgets. Covid-19 has made certain choices more beneficial, as the government will pay for things like mandated sick pay.
The IRS has an entire booklet on all the various types of fringe benefits. How confident are you in the proper reporting and taxability of the ones you offer, or would like to offer?
Faculty - Mr.Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits. Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Markhas represented both clients and the State in front of the State Appeals Board.