Taxing and Reporting Fringe Benefits: Treatment and Rules

Overview : Companies are providing more fringe benefits to employers more than ever before, thus reduces company cost but raises employee moral. Because of this the IRS has more to say on what Fringe Benefits are taxable and what are not. The IRS for non-taxable fringe benefits puts a lot of regulation around how the fringe benefit is given and when that also determines if a thought non-taxable item may end up being taxable.

Why should you attend: The IRS is auditing employers more and more each day and an area of most non-compliance. Most non-compliance occurs in regard to handling fringe benefits. Plus employers are offering more fringe benefits versus cash compensation because it is a cost savings to employers.

Areas Covered in the Session
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 a number of 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
Brief overview of how to handle any fringe benefits that AP pay.

Who Will Benefit:
AP Professionals
Tax Professionals
Payroll professionals
Human Resources professionals
Accounting Personnel
Business Owners
Lawmakers
Attorneys
Compensation and Benefits Executive

Dayna Reum,CPP, FPC 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 teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, international and Canadian payroll.