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OnDemand Course

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.

Learning Objectives

  • You will be able to identify taxation policies of employee use of employer-owned automobiles.
  • You will be able to differentiate between taxable and nontaxable fringe benefits.
  • You will be able to recognize taxation policies on eating facilities and meals.
  • You will be able to recognize qualified transportation and parking fringe benefits and how they are taxed.

69 minutes
Course Exam
Certificate of Completion
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Over 37 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 37 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.

  • CPE/NASBA - QAS Self Study 1.8 including Taxes 1.8
     
  • 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 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 37 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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Over 37 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: 410203
Published 2022
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