Employer's Tax Guide to Fringe Benefits: 2021

On Demand | CEU Approved

  • 90 minutes

The IRS released the 2021 Employer’s Tax Guide to Fringe Benefits on February 6.

This session will place special emphasis on tax provisions related to disaster relief and special Provisions under legislation providing relief during the COVID-19 pandemic. From training and tuition to insurance coverage, meals and lodging, employer-provided benefits may be valuable perks for employees. There are a number of benefits that can be fully or partially excluded from taxable wages, but the rules for exclusion vary for different benefits and even for different taxes with regard to the same benefit. The rules are complex and can be confusing. 

After attending this webinar you will come to know about:

  • Cents-per-mile rule.

  • Qualified parking exclusion and commuter transportation benefit. For 2021

  • The contribution limit on a health flexible spending arrangement (FSA)

  • COVID-19 and Disaster Relief.

  • Report permitted benefits – Form W-2 Box 12 Code FF

  • Employee achievement awards - Excludible (FIT, FICA, FUTA)

  • QSEHRA - Qualified small employer health reimbursement arrangement

  • Overview of fringe benefits

  •  Special rules and exclusions 

  • Cafeteria plans. 

  • Supplemental unemployment benefits

Session Highlights:

  • Fringe benefits under a national emergency declaration 

  • Benefits provisions under COVID-19 relief legislation 

  • 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 

  • Changes to fringe benefits taxation under the TCJA and the impact of those changes 

  • New rules for de minimis benefits and achievement awards 

  • Accountable expense reimbursement plans and why they may 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 an emphasis on benefits employers may provide to employees during a 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 Managers

*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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