Taxing Gifts, Awards and Other Fringe Benefits
Companies are providing more fringe benefits to employees than ever before, which increases company costs but raises employee morale. Because of this the IRS has more to say on which Fringe Benefits are taxable and which are not. The IRS puts a lot of regulation around how the fringe benefit is given for non-taxable fringe benefits. This program will provide guidance on how you can determine when a benefit becomes taxable.
Participants will walk away with a better understanding of the IRS views on fringe benefit taxation. The details of the IRC exceptions allowed by the IRS will be detailed and explained thoroughly. Participants will also be able to better identify and calculate the fair market value of fringe benefits for taxation purposes.
- 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
- Current changes due to tax reform
Dayna is currently the Payroll Tax Manager at PetSmart Inc. Dayna has been heavily involved in the payroll field over 15 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards for Customer Service and Acquisitions and Divestitures. Dayna is no stranger to teach... View Full Profile
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This program has been approved for credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
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