This session will place special emphasis on tax provisions related to disaster relief and special Provisions under legislation providing relief during the COVID-19 pandemic. From training and tuition to insurance coverage, meals and lodging, employer-provided benefits may be valuable perks for employees. There are a number of benefits that can be fully or partially excluded from taxable wages, but the rules for exclusion vary for different benefits and even for different taxes with regard to the same benefit. The rules are complex and can be confusing. After attending this webinar you will come to know about them:
COVID-19 and Disaster Relief.
Report permitted benefits – Form W-2 Box 12 Code FF
Employee achievement awards - Excludible (FIT, FICA, FUTA)
QSEHRA - Qualified small employer health reimbursement arrangement
Overview of fringe benefits
Special rules and exclusions
Cafeteria plans.
Supplemental unemployment benefits
Qualified bicycle commuting reimbursement
Qualified moving expense reimbursement
Session Highlights:
Fringe benefits under a national emergency declaration
Benefits provisions under COVID-19 relief legislation
Fringe benefits that may be excluded from employee wages and requirements for exclusion
Fringe benefits for which employer expense deductions are limited
Methods for determining the value of fringe benefits for tax purposes
Including taxable fringe benefits in employee compensation: timing and methods
Tax computation, withholding, deposit, and reporting requirements
Cafeteria (Section 125) plans and Simple Cafeteria Plans
Changes to fringe benefits taxation under the TCJA and the impact of those changes
New rules for de minimis benefits and achievement awards
Accountable expense reimbursement plans and why they may more important than ever
Why You Should Attend:
The COVID-19 pandemic and the declaration of a national emergency raises questions about the treatment of various fringe benefits. This includes reimbursement for work at home expenses, paid and unpaid leave, sick pay, dependent care costs, medical expenses, leave sharing arrangements, and disaster relief payments. This session will include an emphasis on benefits employers may provide to employees during a national disaster.
Determination of the value of a fringe benefit to include in employee taxable wages can be a complex process. For some benefits, where the requirements are met, part or all of the value of the benefit may be excluded from wages. For non-cash benefits, special rules may apply when determining the value of the benefit for tax purposes. In addition, it is critical to know when to treat a benefit as provided to the employee so that the employer is compliant with tax withholding and deposit requirements.
Who Should Attend:
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 Benefits Compliance Oversight
Company / Business Owners
Managers/ Supervisors
Public Agency Managers
Audit and Compliance Personnel / Risk Managers
*You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.
Patrick Haggerty
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
This webinar has been approved for 1.5 HR (General) recertification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.