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Employee Gifts and Fringe Benefits: Tax Consequences and Reporting Obligations

It's not just about wages - make sure you're prepared for the tax implications of all benefits.While competitive salaries often attract top employees to join an employer, employers often provide competitive and attractive prizes, bonuses, awards and other benefits to boost their employees’ morale and reward employees for going the extra mile. However, employers must be aware of federal tax laws when providing these benefits, or else employers may find that these benefits are more expensive than they originally thought. This topic will help you learn the different ways that employees may be rewarded for exceptional performance, without incurring additional tax expense, or at least avoiding penalties. Important reporting and withholding requirements to ensure that employers fully comply with their federal tax obligations will also be discussed.


Runtime: 86 minutes
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Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Gifts to Employees

  • Definition of Income in Section 61
  • Commissioner v. Duberstein
  • Section 102 Prohibition on Income Exclusion for Gifts to Employees
  • Exception for Gifts to Employees That Are "Natural Objects of Employer's Bounty"
  • De Minimis Fringe Benefits
  • Working Condition Fringe Benefits
  • Cell Phones and Other "Mixed Use" Technology Items
  • Holiday Parties

Prizes and Awards

  • Employee Achievement Awards
  • Prizes and Awards Transferred to Charities
  • Qualified Employee Discounts
  • Holiday Gifts

Educational Benefits

  • Educational Assistance Plans
  • Working Condition Fringe Benefits for Job Related Expenses
  • Qualified Scholarships
  • Qualified Tuition Reduction
  • Seminars and Other Training Involving Travel

Transportation Benefits

  • Employer Provided Vehicles
  • Transportation Fringe Benefits
  • Parking Expenses
  • Use of Aircraft

Meals and Lodging

  • Occasional Meals
  • Meals Provided for the Employer's Convenience
  • Lodging Provided for Employer's Convenience

Bonuses

  • Section 83 and Elections Under Section 83(b) for Transfers of Property
  • Compliance With Section 409A

Withholding, Reporting and Deduction Issues

  • Reportable Items on Forms W-2
  • Withholding Rules Applicable to Supplemental Wages
  • Withholding on Non-Cash Benefits
  • Limitations on Deductions for Certain Benefits to Employees
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

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Audio & Reference Manual

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MP3 Download

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Luke D. Bailey

Luke D. Bailey

Strasburger & Price, LLP

  • Partner in the office of Strasburger & Price, LLP
  • Practice emphasizes all aspects of employee benefits and executive compensation
  • Conducts regular seminars and workshops on numerous employee benefits and executive compensation issues
  • Author of several publications related to the areas of employee benefits and executive compensation
  • J.D. degree, University of California at Berkeley (Boalt Hall), 1982, Order of the Coif; A.B. degree, Occidental College, 1974, cum laude
  • Can be contacted at [email protected] or 214-651-4572
Joseph Perera

Joseph Perera

Strasburger & Price, LLP

  • Associate in the San Antonio office of Strasburger & Price, LLP
  • Practice emphasizes all aspects of federal tax controversy and employee benefits planning
  • Conducts regular seminar and workshops on federal tax issues including employment tax and employee benefits planning
  • Before joining Strasburger & Price, worked as an attorney in the Employment Tax Branch of the National Office of the Office of Chief Counsel, Internal Revenue Service
  • J.D. degree, cum laude, Southern Methodist University; LL.M. degree, with distinction, Georgetown University Law Center; B.A. degree, magna cum laude, University of Dallas
  • Can be contacted at 210-250-6119 or [email protected]
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Product ID: 399176
Published 2016
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