Taxable Vs. Non-Taxable Fringe Benefits (Completed)
Date: Thursday, April 4, 2024
Instructor: Steven D. Mercatante
Begin Time: |
9:00am Pacific Time 10:00am Mountain Time 11:00am Central Time 12:00pm Eastern Time |
CPE Credit: |
2 hours for CPAs 2 hours Federal Tax Related for EAs and OTRPs 2 hours Federal Tax Law for CTEC |
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NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Employee expense reimbursements are subject to IRS guidelines and can be disallowed as expenses – and even considered compensation to those employees – if not handled correctly. Further, if employee expense reimbursements do not meet IRS guidelines, they may be disallowed as expenses and considered compensation to those employees, leaving the employer responsible for the associated payroll taxes – plus any penalties.
Taxable and nontaxable fringe benefit are scattered throughout the Internal Revenue Code. Benefits can be hid in Sec 274, 162, 119, 132, 127, and 82. Add in numerous Announcements, Notices and Regulations and we have a complex web. This course will concentrate on the development of an Accountable Reimbursement Plan under Sec 274 and accompanying regulations plus recent pronouncements and inflation increases.
Topics Covered
- Accountable vs. non-Accountable Expense Reimbursement Plans
- Record keeping requirements of Sec. 274 & Accountable Plans
- Deductible and Non-deductible Meals
- De minimis fringe benefits
- No added cost benefits
- Cash payments
- Auto allowances
- Company vehicles
- Prizes, awards, gifts
Learning Objectives
- Learn what are the taxable and non-taxable wages?
- Learn what other benefits are nontaxable wages?
- Learn what meals are deductible and nontaxable to employees?
- Discover the difference between taxable and non-taxable wages
- Find out whether meal allowances are nontaxable
- Learn when travel allowances are nontaxable
- Discover other benefits that can be nontaxable wages
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None