Fringe Benefit Taxation: 2020 Compliance Update

Live Webinar | CEU Approved

  • 90 minutes

This webinar has been updated to include special relief provisions related to the COVID-19 pandemic.  Special emphasis will be placed on fringe benefit under a national emergency declaration and benefit provisions under COVID-19 relief legislation.

In addition, the tax reform provisions of the 2017 Jobs Creation and Tax Act (JCTA) changed the rules for a number of popular benefits. Some benefits which could previously be excluded from employee wages under prior law are now taxable and for some benefits the employer can no longer deduct some or all of the cost. This webinar covers the important changes tax reform brought to fringe benefits as well as provides an overview of common and some uncommon benefits and the rules governing them. It is important for employers to “get it right” with regard 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.

Session Highlights:

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 minimize fringe benefits and achievement awards rules

  • Why an accountable expense reimbursement plan may be more important than ever

Why You Should Attend:

The COVID-19 pandemic and the declaration of a national emergency raises questions about the treatment of various fringe benefits. This includes reimbursement for work at home expenses, paid and unpaid leave, sick pay, dependent care costs, medical expenses, leave sharing arrangements and disaster relief payments. This session will include emphasis on benefits employers may provide to employees during the national disaster.   

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.  

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 Manager

Advanced Preparation: None

Program Level: Intermediate

Prerequisites: Basic Knowledge of Accounting

Field of Study: Accounting

*You may ask your Question directly to our expert during the Q&A session.

 ** You can buy On-Demand and view it at your convenience.

Patrick Haggerty

Patrick Haggerty

Patrick 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.

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PLEASE NOTE: To receive credit through the NASBA for this program you MUST attend the Live program in its entirety and complete the required progress checks.

Number of CPE Credits Awarded for This Course: 1.5 (Accounting 1.5)

Delivery Method: Group Internet Based

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