Compliance Tips for Gifts, Awards, & Other Fringe Benefits humanresources.vision

Compliance Tips for Gifts, Awards, & Other Fringe Benefits

About This Course:

The IRS has stated that fringe benefits are now monitored and there is no reason to laugh if you misreport the fringe benefits you provide employees, even by mistake.

Experience has shown that these audits will differ from regular tax audits in that they are more intrusive. Can the organization’s accounting and reporting support these audits?

Additional benefits – such as bags, gift cards, and the use of company cars – are benefits that go beyond the salary offered by employers. Whether offered as a reward for good performance or as an incentive to meet sales goals, some benefits are taxable, while others do not need to be declared or taxed. As the person who manages the payroll, you must know the difference or you will be fined.

This conference call will help you determine if additional benefits are properly provided to employees to ensure they comply with federal and state tax rules. This way you avoid an expensive check in the future.

We’ll cover the IRS guidelines for the items they’ll focus on when conducting an employment tax audit, as well as tips on how to conduct your own internal audit to detect anything that might trigger an audit.

What are you learning?

By participating in this conference call, you will learn:

  • What benefits are taxable and how should they be reported?
  • What benefits are excluded from the tax – and how should they be documented?
  • How to calculate the value of an “asset” compared to a “service” – and how to deal with tax reporting implications for taxable goods
  • How can you conduct your own internal investigation to find anything that might trigger an audit?
  • What are the IRS guidelines for a business tax audit?
  • What to do if you have items subject to payroll tax?

…and as always this session will be interactive so that we can answer your questions about this topic during the presentation!

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