Taxation of Fringe Benefits (2024 Updates)

This webinar provides an overview of common and some uncommon benefits and the rules governing them. It is important for employers to “get it right” with as to whether benefits may be excluded from wages, and if they must be included, comply with federal and state wage and tax withholding, deposit, and reporting requirements.

The session will cover the general rules for fringe benefits including benefits that may be excluded from employee wages as well as benefits that are fully or partially taxable. The rules for exclusion vary for different benefits and even for different taxes with regard to the same benefit. The rules are complex and can be confusing.

For taxable non-cash benefits, valuation can be a complex process and sometimes special rules apply for specific benefits. It is critical to know when to treat a benefit as provided to the employee so that the employer is compliant with tax withholding and deposit requirements.  

Areas Covered

• Fringe benefits under a national emergency declaration
• Special year end procedures that facilitate benefit valuation and tax withholding
• Fringe benefits that may be excluded from employee wages and requirements for exclusion
• Fringe benefits for which employer expense deductions are limited
• Methods for determining the value of fringe benefits for tax purposes
• When to include taxable benefits in employee compensation: timing and methods
• Tax computation, withholding, deposit and reporting requirements 
• Cafeteria (Section 125) plans and Simple Cafeteria Plans 
• Accountable expense reimbursement plans and why they may more important than ever

Learning Objectives

By attending this session you will learn:

• Fringe benefits that may be excluded from employee wages and the rules for exclusion
• The limitations on employer tax deductions for certain fringe benefits
• Methods for determining the value of fringe benefits for tax purposes 
• When and how to include the value of taxable fringe benefits in employee compensation
• When and how to compute, withhold, deposit and report taxes for taxable fringe benefits 
• The rules for cafeteria (Section 125) plans and Simple Cafeteria Plans
• Requirements for de minimis fringe benefits and achievement awards rules
• Why an accountable expense reimbursement plan may be more important than ever 

Why You Should Attend

Determination of the value of a fringe benefit to include in employee taxable wages can be a complex process. For some benefits, where the requirements are met, part or all of the value of the benefit may be excluded from wages. For non-cash benefits, special rules may apply when determining the value of the benefit for tax purposes. In addition, it is critical to know when to treat a benefit as provided to the employee so that the employer is compliant with tax withholding and deposit requirements.  

Additional Information

Benefits and perks come in many forms and often can increase job performance and improve employee satisfaction in the workplace. 
From training and tuition to insurance coverage, meals and lodging, employer-provided benefits may be valuable perks for employees. 
In general, everything of value received by an employee because of the employment relationship is taxable income to the worker. Unless there is a statutory provision that excludes any compensation or benefit from taxable wages, the compensation or benefit is income. 
There are a number of benefits that can be fully or partially excluded from taxable wages, but the rules for exclusion vary for different benefits and even for different taxes with regard to the same benefit. The rules can be complex and confusing with regard to certain fringe benefits and sometimes the rules for one benefit can be confused with the rules for a different benefit as is often the case with de minimis benefits and gifts. 

Who Should Attend

• Payroll Supervisors and Personnel
• HR Supervisors and Personnel
• Public Accountants
• Internal Auditors
• Tax Compliance Officers
• Enrolled Agents
• Employee Benefits Administrators
• Officers and Managers with Tax or Benefits Compliance Oversight
• Company / Business Owners
• Managers/ Supervisors
• Public Agency Managers
• Audit and Compliance Personnel / Risk Managers

Speaker(s)

Patrick A. Haggerty, EA

Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

CEUs

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Credits: 1.5

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Credits: 1.5

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Credits: 1.5

Credits: 1.5

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