Description 

Companies are providing more fringe benefits to employers more than ever before, thus reducing company cost but raises employee morale. Due to market adjustments employers are looking for ways to obtain top talent through providing more fringe benefits. However, IRS endorsement on employers to tax employees when appropriate for fringe benefits is on the rise. Employers must meet the non-taxable fringe benefit substantiation rules along with proper determination of taxation. 

Key highlights of Session

Understand what qualifies as a fringe benefit and how it impacts your tax reporting obligations.

• Accurate Reporting Requirements: Learn the ins and outs of reporting fringe benefits on key IRS forms including Form 941, Form 940, Form W-2, and Forms 1099-MISC and 1099-NEC
• Correct Tax Remittance: Discover the correct methods for calculating and remitting taxes on fringe benefits to ensure full compliance and avoid penalties
• Common Mistakes to Avoid: Identify frequent errors in reporting and remittance and learn best practices to prevent them
• Recent Updates and Changes: Stay updated with the latest IRS guidelines and changes that could affect how you report and remit taxes on fringe benefits

Participants will walk away with a better understanding of the IRS view on fringe benefit taxation. The details of the IRC exceptions allowed by the IRS will be detailed and explained to participants. Participants will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes.

Why you should Attend

• Review FMV (Fair Market Value) and how the IRS determines it
• Discussion on No additional cost services, employee discounts, working condition fringe benefits & De minimis Fringe Benefits
• Review qualified transportation benefits
• Discuss several excludable fringe benefits such as Retirement planning, athletic facilities, achievement awards etc
• Discuss fringe benefits that should be taxable
• Review Moving/Relocation Expenses
• Review executive taxation items, like spousal travel. Company aircraft usage etc
• Once a benefit is determined taxable, how to handle it
• Brief overview of how to handle any fringe benefits that AP pay

Who Should Attend

• Payroll Administrators
• HR Managers
• Financial and Accounting Professionals
• Business Owners
• Compliance Officers
• Accountants and Tax Advisors
• Benefits Administrators
• Legal Advisors (Specializing in Employment Law)
• Small Business Consultants
• Employee Benefits Consultants