IRS Rules on Fringe Benefit Taxation: Everything You Need to Know!

Join us for a deep dive into the IRS perspective on fringe benefit taxation. This webinar by Payroll expert Dayna J. Reum, CPP, FPC aims to provide a comprehensive overview of the Internal Revenue Code (IRC) exceptions permitted by the IRS, offering clear explanations and practical insights for participants.

As companies increasingly offer diverse fringe benefits to employees, understanding the IRS regulations governing their taxability is essential. Dayna will explore specific guidelines for determining which benefits are taxable, highlighting potential pitfalls and complexities that can arise.

By the end of the session, you'll be equipped with the knowledge to identify and calculate the fair market value of fringe benefits for taxation purposes. This understanding will empower you to navigate IRS regulations effectively, ensuring compliance and informed decision-making.

Webinar Objectives

The webinar aims to provide a comprehensive understanding of IRS regulations regarding fringe benefit taxation, focusing on key concepts such as Fair Market Value (FMV), taxable and excludable fringe benefits, and compliance requirements. Participants will gain insights into calculating the value of noncash fringe benefits, recording fringe benefits, and year-end best practices. The session will also cover the impact of the Tax Cuts and Jobs Act on fringe benefits and discuss procedures for handling taxable benefits. By the end of the webinar, attendees will be equipped with the knowledge and tools to navigate IRS regulations effectively, ensuring compliance and informed decision-making in fringe benefit taxation.

Webinar Agenda

• Understanding Fair Market Value (FMV) and its IRS determinations.
• Exploring tax treatment for No Additional Cost Services, Employee Discounts, Working Condition Fringe Benefits, and De Minimis Fringe Benefits.
• Reviewing Qualified Transportation Benefits.
• Examining excludable fringe benefits such as Retirement Planning, Athletic Facilities, and Achievement Awards.
• Discussing taxable fringe benefits.
• Understanding Moving/Relocation Expenses.
• Exploring executive taxation items like Spousal Travel and Company Aircraft Usage.
• Handling taxable benefits once determined.
• Brief overview of how to handle any fringe benefits that AP pay.
• Reviewing Annual Fringe Benefit limits.

Webinar Highlights

• IRS rules for taxation of Fringe Benefits
• How to calculate the value of a noncash fringe benefit
• Review of excludable fringe benefits
• Details of how the tax cuts and jobs act impacted fringe benefits
• Procedures for recording fringe benefits
• Year end best practices for fringe benefit taxation

Who Should Attend

Payroll and Tax Professionals

Credit(s)

IRS CPE Credits: 1 Tax hour