- Credits: 4
- Format: Self-Study eBook
- Field of Study: Federal Tax Update
- Author/Speaker: Danny Santucci, CPA
|Course ID:||Advanced Preparation:||Experience Level:|
|EWTFM-U-01770-21-S | 6233-CE-0478||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© February 2021||General Understanding of Federal Income Taxation.||Self-Study eBook|
This course is an overview of basic fringe benefits and examines their mechanics, compensation methods, valuation, withholding, and accounting. Achievement awards, term life insurance, medical reimbursement, meals & lodging, educational assistance, dependent care, employer-provided automobiles, interest-free loans, etc. are identified. Employer and employee economic and tax considerations are recognized. Fringe benefit requirements and limits are specified and ERISA compliance requirements are determined.
- Benefit mechanics
- Employee achievement awards
- Group term life insurance
- Self-insured medical reimbursement plans
- Medical insurance
- Meals & lodging
- Cafeteria plans
- Employer-provided automobile
- Adoption assistance program
- Interest-free & below-market loans
After reading the course material, you will be able to:
- Recognize basic fringe benefit planning by determining “income” under §61, and identify the differences between former non-statutory and current statutory fringe benefits created by recent cases, rulings, and tax law changes.
- Specify the mechanics of typical fringe benefits, determine the fair market value of a fringe benefit under the general valuation rule or the special valuation rules, and identify the general accounting rule and the special two-month pour-over accounting rule.
- Identify an “employee achievement award” under §274, and recognize the rules for group term life insurance under §79 stating how to implement proper coverage.
- Determine the mechanics of self-insured medical reimbursement plans under §105, and specify the requirements of medical insurance under §106 identifying differences.
- Identify the rules for excluding the value of meals and lodging under §119, and “cafeteria plans” and how they operate.
- Recognize the requirements and limits of employee educational assistance programs and dependent care assistance specifying how to obtain each type of assistance.
- Identify “no-additional-cost services” and determine what property or services are excludable from income as qualified employee discounts under §132(c), and specify exceptions to working condition fringes and de minimis fringes.
- Determine the requirements for qualified transportation fringe benefits under §132(f), specify valuation methods for employer-provided automobiles and, identify the qualifications for the popular physical fitness exclusion, and the requirements and benefits of adoption assistance programs.
- Recognize planning services available under §§132, 212, and 67, determine interest-free and below-market loans, identify child care benefits and corporate-funded educational savings accounts, specify S corporation fringe benefits, and identify ERISA compliance requirements.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)