Fringe Benefits Taxation
Dayna is currently the Director of Payroll Operations at a major medical center in Chicago. Dayna has been heavily involved in the payroll field for over 17 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. Dayna has her CPP (Certified Payroll Professional) through the APA. She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments, Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.
Participants with walk away with a better understanding of the IRS view on fringe benefits taxation. The details of the IRC exceptions allowed by the IRS will be detailed and explained to participants. Participants w Companies are providing more fringe benefits to employers more than ever before, thus reduces company costs but raises employee morale. 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.
- Internal Revenue Code and how to understand how fringe benefits are written
- Review taxation of a home office and other COVID related benefits
- Participants will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes
Course Level - All levels
Who Should Attend
- Compensation Professionals
Why Should You Attend
How to calculate the value of a non-cash fringe benefit
- Review of excludable fringe benefits
- Details of how the tax cuts and jobs act impacted fringe benefits
- Procedures for recording fringe benefits
- Year-end best practices for fringe benefit taxation
- 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
- Discuss several 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.