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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.

Runtime: 108 minutes
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Why Lorman?

Over 33 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

Transfers to Employees Generally Not Gifts

  • 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

Entertainment, Meals and Lodging

  • What Is Entertainment?
  • 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
  • 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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More Program Information

Why Lorman?

Over 33 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 March 4, 2019.

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

  • SHRM 1.75
     
  • 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 1.75 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 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 33 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: 405081
Published 2019
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