Fringe Benefits Taxation 2022

From coaching and tuition to amount of money, meals and lodging, employer-provided advantages could also be valuable perks for workers. There are a varied of assistances which will be totally or part excluded from non-exempt wages, however the principles for exclusion vary for various advantages and even for various taxes with relation to constant profit. the principles are complicated and may be confusing.

In addition, the tax reform provisions of the 2017 Tax Cuts and Jobs Act (TCJA) modified the principles for variety of widespread advantages. Some assistances that would be omitted from worker wages before the TCJA are currently non-exempt and for a few advantages employers could now not deduct some or all of the price. This webcast covers the many deviations tax reform dropped at fringe advantages moreover as provides a summary of common and a few uncommon advantages and therefore the rules governing them. it's necessary for managers to “get it right” with relation to whether or not advantages could also be excluded from wages, and if they need to be enclosed, go with federal and state wage and tax withholding, deposit, and coverage necessities

Topics Covered:

• Changes to fringe benefit taxation under the TCJA and the impact of those changes
• 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
• Including taxable fringe benefits in employee compensation: timing and methods
• Tax computation, withholding, deposit and reporting requirements
• Cafeteria (Section 125) plans and Simple Cafeteria Plans
• New rules for de minimis benefits and achievement awards
• Accountable expense reimbursement plans and why they may more important than ever

• Identify changes to fringe benefits under the 2017 tax reforms and the impact of those changes
  
• Differentiate between taxable fringe benefits and benefits that may be excluded from employee wages
• Recognize how to use IRS literature to assist in administering taxable fringe benefits in terms of valuation, inclusion in income, and the computation, withholding, deposit, and reporting of taxes
• Describe the requirements for an accountable expense reimbursement plan

Who will Benefit:

• CPA
  
• Accounting Personnel
• Tax Compliance Officers
• Enrolled Agents
• Tax or Benefits Compliance Oversight
• Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
• Human Resources Executives/Managers/Administrators
• Public Agency Managers
• Risk Manager
• Audit and Compliance Personnel
• Business Owners/Executive Officers/Operations and Departmental Managers