Fringe Benefits: Section 132 and Beyond

Duration: 90 Minutes
This webinar discusses the proper taxation, if any for many of the various fringe benefits offered under Internal Revenue Code 132 and beyond. This includes such items as cell phones, prizes and awards, holiday gifts, employee discounts, small (De Minimis) cash and noncash items and employee achievement awards.
Internal Revenue Tax Code
Instructor: Vicki M. Lambert
Product ID: 500223
Fringe Benefits are important component for recruiting and keeping high quality employees. But offering those benefits may also bring complex situations regarding taxation and compliance. Employers that don’t know...or think they know but are mistaken...how to properly tax and report fringe benefits often bring serious financial consequences upon themselves and their companies. And it isn’t just the most complex benefits, such as stock options or third party sick pay that can cause the greatest concern to payroll departments and lead to taxation problems. But sometimes the simplest of benefits are the hardest to process properly.

And sometimes employers offer their employees payments or prizes but don’t stop to actually consider some of these items are actually “benefits”…yet they could be. Section 132 of the Internal Revenue Code allows employers to offer certain benefits to their employees without taxation. These benefits include employee discounts and length of service and safety awards. But these benefits often times can cause the most trouble in determining the proper taxation. How much of a discount can the employer offer and what length of time in service is required before the benefit is taxable? And if the employer gives an employee a non-cash prize for employee of the month or a gift card during the holidays what then? Are these items also considered benefits? And if they are does the employer withhold taxes or not. And just what is the status of cell phones now? In this webinar we will discuss the proper taxation, if any, for those benefits offered under Section 132 and beyond.

Why Should you Attend:
Proper taxation of benefits is vital to stay in compliance and avoid audits. Even small items paid out of accounts payable could end up being taxable and reportable. And if they are not taxed and reported it could lead to audits by the IRS. Learn what is and is not considered De Minimis and what is always taxable and exactly how to handle benefits under Section 132.

Objectives of the Presentation:
For the attendee to learn and understand the 2014 IRS regulations for determining the taxation and reporting of the following fringe benefits offered under Section 132 of the Internal Revenue Code and beyond.
  • Working Condition Fringe Benefits
  • De Minimis Fringe Benefits
  • Employee Discounts
  • No additional cost services
  • Employee Achievement Awards for Length of Service and Safety
  • Prizes and Awards—Cash and Noncash
  • Cell phones
  • Gift certificates and gift cards
  • Holiday gifts
Who can Benefit:
This topic applies to personnel / companies doing research or involved in the clinical trials. The following will benefit most include:
  • Payroll Professionals
  • Human Resources
  • Accounting Personnel
  • Business Owners
  • Lawmakers
  • Attorneys
  • Any individual or entity that must deal with the complexities and requirements of processing fringe benefits in a payroll department
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Instructor Profile:
Vicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States as well as serving as an in-house trainer for businesses such as Sun Microsystems, Fox Studios, Disney, County of Riverside and the City of Hesperia. Ms. Lambert currently produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country. Ms. Lambert is an adjunct faculty member at Brandman University in Southern California and is the creator of and instructor for their Practical Payroll Online program, which is approved for recertification hours by the APA.
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