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Federal Income Taxation of Employee Fringe Benefits

Understand the federal tax laws when providing prizes, bonuses, and other 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 they may find these benefits more expensive than originally thought. This topic will help you learn different ways employees may be rewarded for exceptional performance without incurring additional tax expenses or at least avoiding penalties. Review reporting and withholding requirements that ensure employers fully comply with federal tax obligations. This topic will also keep you abreast of important changes in this area under the Tax Cuts and Jobs Act and update you on the latest regulations.

69 minutes
Course Exam
Certificate of Completion
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Over 36 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

Cash and Non-Cash Benefits for Employees Generally Can't Be Treated as Gifts

  • Definition of Income Under Section 61; Section 83
  • Section 102 - No Income Exclusion for Gifts to Employees

Transportation Benefits

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

Entertainment, Meals, and Lodging

  • What Is Entertainment?
  • Meals
  • Meals Provided for the Employer's Convenience
  • Lodging Provided for Employer's Convenience

Educational Benefits

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

Recognized 'Fringe Benefits' Under IRC Section 132

  • 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

Withholding, Reporting, and Deduction Issues

  • Reportable Items on Form 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 36 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 15, 2022.

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

  • CPP/FPC
     
  • Lorman Education Services is an approved provider through the American Payroll Association. This seminar is approved for 1.0 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.
     

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

MP3 Download

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

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Why Lorman?

Over 36 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 PLC

  • Senior Counsel in the Collin County, TX office of Clark Hill PLC
  • Practices in all aspects of employee benefits and executive compensation
  • Conducts regular seminars and workshops on numerous employee benefits and executive compensation issues
  • Author of numerous articles related to the areas of employee benefits and executive compensation
  • J.D. degree, Order of the Coif, University of California at Berkeley (Boalt Hall); A.B. degree, cum laude, Occidental College
  • Can be contacted at 214-651-4572 or [email protected]
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Product ID: 410203
Published 2022
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