What are the challenges?
IRC 61 defines gross income one way and IRS Reg. 1.61-1 defines it in a slightly different way. So what does that mean when you are looking for a general rule on income inclusion? All employee compensation, in any form, is taxable unless it is specifically excluded by another IRC section.“Non-cash” taxable employer provided benefits are subject to FIT, FICA and UI tax rules. This video reviews what the challenges are with regard to fringe benefits including how to get the information, how to get it timely, and how to determine when benefits are considered paid.
Alma Stewart, CPP
- Implementation consultant, payroll
- 25+ years of experience in payroll including managing multistate payroll departments
- CPP/FPC study group coordinator
- Author of several publications in PayTech magazine related to payroll electronic payments
- Member of American Payroll Association for 10+ years
- Graduate in accounting, University of Alaska, Anchorage; CPP certification
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