In this comprehensive session, participants will delve into the intricacies of fringe benefit taxation from the IRS perspective. The session will provide a detailed examination of the Internal Revenue Code (IRC) exceptions permitted by the IRS, offering clear explanations to attendees. As companies increasingly offer diverse fringe benefits to enhance employee morale and reduce costs, understanding IRS regulations governing the taxability of these benefits becomes imperative. The session will elucidate specific IRS guidelines for determining the taxability of fringe benefits, highlighting how seemingly non-taxable items can become taxable based on their provision.

Additionally, participants will gain insights into identifying and calculating the fair market value of fringe benefits for taxation purposes. This knowledge will empower them to navigate IRS regulations, ensuring compliance and informed decision-making regarding fringe benefit taxation.

Moreover, the webinar will address garnishments, providing tips and tools for staying compliant with federal and state laws. Attendees will learn about the challenges and risks associated with mishandling garnishments and the impact of recent tax reform on garnishments.

(Please note: This is a combo of 2 sessions each 60 Mins)

Webinar Objectives

This webinar aims to provide participants with a comprehensive understanding of fringe benefit taxation and garnishment compliance, focusing on IRS rules and best practices. Participants will learn how to navigate the complexities of fringe benefit taxation, including calculating the value of noncash benefits, identifying excludable fringe benefits, and understanding the impact of the Tax Cuts and Jobs Act. Additionally, participants will gain insight into garnishment guidelines, including employer responsibilities, proper calculation of deductions, and compliance with state and federal laws. By the end of the session, participants will be equipped with the knowledge and tools to ensure compliance and mitigate risks associated with fringe benefits and garnishments.

Webinar Highlights

• Fringe Benefits:
  • IRS Rules: Gain clarity on the IRS regulations governing the taxation of fringe benefits.
  • Noncash Fringe Benefit Valuation: Learn how to accurately calculate the value of noncash fringe benefits.
  • Excludable Fringe Benefits: Review the types of fringe benefits that are excluded from taxation.
  • Tax Cuts and Jobs Act Impact: Understand how the Tax Cuts and Jobs Act has affected fringe benefits.
  • Recording Procedures: Explore the proper procedures for recording fringe benefits.
  • Year-End Best Practices: Discover best practices for handling fringe benefit taxation at the end of the year.

• Garnishment Guidelines:
  • Employer Responsibilities: Understand the responsibilities of employers regarding garnishments.
  • Garnishment Deductions: Learn how to calculate garnishment deductions in compliance with the law or court orders.
  • Lump Sum Reporting: Review reporting requirements for lump sum payments and how to comply.
  • Garnishment Priority: Determine the proper order of garnishment priority when multiple orders are received.
  • State vs. Federal Law: Understand how to determine whether to follow state or federal law regarding garnishments.

Who Should Attend

Payroll and Tax Professionals

Credit(s)

IRS CPE Credits: 2 Tax hours