Fringe Benefit Taxation – 2021 Update

LIVE  Apr 20, 2021 1:00PM EST

Duration : 60 min

1 days ago

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The COVID-19 pandemic and the declaration of a nationalemergency raises questions about the treatment of various fringe benefits. Thisincludes reimbursement for work at home expenses, paid and unpaid leave, sickpay, dependent care costs, medical expenses, leave sharing arrangements anddisaster relief payments. This session will include discussion of tax treatmentof benefits employers may provide to employees during the nationaldisaster. 

The session will also cover the general rules for fringebenefits including benefits that may be excluded from employee wages as well asbenefits that are fully or partially taxable. The rules for exclusion vary fordifferent benefits and even for different taxes with regard to the samebenefit. The rules are complex and can be confusing.

For taxable non-cash benefits, valuation can be a complexprocess and are sometimes subject to special rules. It is also critical to knowwhen to treat a benefit as provided to the employee so that the employer iscompliant with tax withholding and deposit requirements. 

Areas Covered

.       Fringe benefits under a national emergencydeclaration

.       Benefits provisions under COVID-19 relieflegislation

.       Fringe benefits that may be excluded fromemployee wages and requirements for exclusion

.       Fringe benefits for which employer expensedeductions are limited

.       Methods for determining the value of fringebenefits for tax purposes

.       When to include taxable benefits in employeecompensation: timing and methods

.       Tax computation, withholding, deposit andreporting requirements

.       Cafeteria (Section 125) plans and SimpleCafeteria Plans

.       Changes to fringe benefit taxation under theTCJA and the impact of those changes

.       Accountable expense reimbursement plans andwhy they may more important than ever

This session willhelp you:

.       Identify special benefits available underCOVID and disaster relief

.       Identify fringe benefits that may be excludedor partially excluded from employee wages.

.       Understand the rules that apply to benefitexclusion from wages.

.       Understand limitations on employer taxdeductions for certain fringe benefits

.       Identify methods used to determine the valueof fringe benefits for tax purposes

.       Know when and how to include the value oftaxable fringe benefits in employee compensation

.       Know when and how to compute, withhold,deposit and report taxes for taxable fringe benefits

.       Understand the rules for cafeteria (Section125) plans and Simple Cafeteria Plans

.       Understand why an accountable expensereimbursement plan may be more important than ever 


.      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 BenefitsCompliance Oversight

.      Company / Business Owners

.      Managers/ Supervisors

.      Public Agency Managers 

Anyone interested in learning the changes to workplace Tax forms and updates

**Ask your question directly to our expert during the Q&A session following the live webinar.

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