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. 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 the for some benefits the employer can no longer deduct some or all of the cost.
In this webinar join expert speaker Patrick A. Haggerty, where will discuss the regulations and compliance requirements for Substantiation, recordkeeping, taxation and reporting of fringe benefits. He will also provide an overview of common and some uncommon benefits and the rules governing them.
Session Highlights:
Which fringe benefits were changed under the 2017 tax reforms and the impact of those changes
Which fringe benefits 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
How the changes affected the de minimis and achievement awards rules
Why an accountable expense reimbursement plan may be more important that ever
Why You Should Attend:
The rules for certain fringe benefits changed significantly under the Jobs Creation and Tax Act of 2017. This created some new complexities with changes to which benefits might be excluded from employee wages and new limitations on the employer’s ability to use the cost of certain benefits to reduce the employer’s tax liability. The IRS has been stepping up enforcement with regard to fringe benefits and non-compliance with the rules and regulations can lead to costly penalties and fines.
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 as per your convenience.
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.
Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
This webinar has been approved for 1.5 HR (General) recertification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.