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Federal Income Taxation of Employee Fringe Benefits After the Tax Cuts and Jobs Act

The tax implications of fringe benefits have changed significantly under the new tax law - make sure you understand the changes in determining your fringe benefit policies.

The tax implications of fringe benefits have changed significantly under the new tax law - make sure you understand the changes in determining your fringe benefit policies. While competitive salaries often attract top employees to join an employer, employers often provide competitive and attractive prizes, bonuses, awards and other benefits as well, 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. This topic will also keep you abreast of important changes in this area under the Tax Cuts and Jobs Act.

Learning Objectives

  • You will be able to identify the changes in federal income taxation of Gifts to Employees due to the Tax Cuts and Jobs Act.
  • You will be able to differentiate between the changes in federal income taxation of fringe benefits due to the Tax Cuts and Jobs Act.
  • You will be able to differentiate between the changes in federal income taxation of educational benefits due to the Tax Cuts and Jobs Act.
  • You will be able to recognize the reporting requirements for taxable employee benefits.

Runtime: 99 minutes
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Why Lorman?

Over 32 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 Under Section 61
  • Commissioner v. Duberstein
  • Section 102 - No Income Exclusion for Gifts to Employees

Fringe Benefits

  • De Minimis Fringe Benefits
  • Working Condition Fringe Benefits
  • Cell Phones and Other Mixed Use Technology Items
  • Holiday Parties

Meals and Lodging

  • Occasional Meals
  • Meals Provided for the Employer's Convenience
  • Lodging Provided for Employer's Convenience
  • Changes Under Tax Cuts and Jobs Act

Transportation Benefits

  • No Deduction or Exclusion for Moving Expenses Under Tax Cuts and Jobs Act
  • Employer Provided Vehicles
  • Transportation Fringe Benefits
  • Parking Expenses
  • Use of Aircraft
  • Changes Under Tax Cuts and Jobs Act

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

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 32 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

This course was last revised on November 1, 2018.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 32 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

Clark Hill Strasburger

  • Partner with Clark Hill Strasburger, Collin County, TX
  • Specializes in ERISA and the application of federal income tax law to employee benefits and executive compensation
  • Named among The Best Lawyers in America┬«, highest rating by Martindale-Hubbell Law Directory, and included in D magazine List of Best Lawyers in Dallas in multiple years
  • J.D. degree, the University of California at Berkeley; A.B. degree, Occidental College
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Why Lorman?

Over 32 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.

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Product ID: 405204
Published 2018
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