Gain a better understanding of the IRS's view on fringe benefit taxation and how to calculate the fair market value.
The details of the IRC exceptions allowed by the IRS will be detailed and explained. As companies are providing more fringe benefits to employers more than ever before, it's reducing company costs and raising employee morale. Because of this, the IRS has more to say on what fringe benefits are taxable and what are not. The IRS for nontaxable fringe benefits puts a lot of regulation around how the fringe benefit is given, and when, and it also determines if what was thought to be a nontaxable item ends up being taxable. This information will help you better identify and calculate the fair market value of fringe benefits for taxation purposes.
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Why Lorman?
Over 34 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
Fringe Benefit Taxation and Internal Revenue Code
Calculating the FMV (Fair Market Value) of a Noncash Fringe Benefit
Timing of Recording and Paying Tax on Noncash Fringe Benefits
IRS Special Accounting Rule and When Can It Be Used
IRS Excludable Fringe Benefits
De Minimis Fringe Benefits
Specific Excludable Fringe Benefits; Ex. Transportation, Adoption, Retirement, Achievement Awards, Education, Relocation, Group Term Life, Insurance
Understanding Gross Ups and Tax Impacts to Noncash Fringe Benefits
Payroll and AP Relationship When Looking at Fringe Benefits
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Why Lorman?
Over 34 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 Course
This course was last revised on December 11, 2020.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- CPP/FPC
- Lorman Education Services is an approved provider through the American Payroll Association. This seminar is approved for 1.5 RCHs.
PLEASE NOTE: To receive credit through the American Payroll Association for this program you MUST attend the program in its entirety, complete all progress checks and pass the final exam. You cannot obtain credit if you have already completed this course in its live version.
HR Certification Institute 1.5
- This E-Learning program has been approved for 1.5 (General) recertification credit hours toward aPHR(TM), aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM) and SPHRi(TM)recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
SHRM 1.5
- Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
- Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
- Arizona CLE 1.5
- CA MCLE 1.5
- CT CLE 1.5
- HI CLE 1.5
- ME CLE 1.5
- NJ CLE 1.8
- VT CLE 1.5
- WA CLE 1.5
- WV MCLE 1.8
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 34 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
Dayna J. Reum, CPP, FPC
Dayna J. Reum
- Currently the director of payroll operations at a major medical center in Chicago
- Has been heavily involved in the payroll field for more than 17 years
- Starting as a payroll clerk at a small Tucson company, she moved on to be a payroll team leader at Honeywell Inc.
- During her time at Honeywell Inc. she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association
- Received several merit awards for customer service and acquisitions, and divestiture
- Taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference
- CPP (Certified Payroll Professional) through the APA
- Serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA local tax subcommittee)
- Received a citation of merit for her service along with being a gold pin member of the APA
- Certified in HR hiring and firing practices and is a Six-Sigma Greenbelt
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Why Lorman?
Over 34 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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