Understand the federal tax laws when providing prizes, bonuses, and other benefits.
While competitive salaries often attract top employees to join an employer, employers often provide competitive and attractive prizes, bonuses, awards, and other benefits to boost their employees' morale and reward employees for going the extra mile. However, employers must be aware of federal tax laws when providing these benefits, or they may find these benefits more expensive than originally thought. This topic will help you learn different ways employees may be rewarded for exceptional performance without incurring additional tax expenses or at least avoiding penalties. Review reporting and withholding requirements that ensure employers fully comply with federal tax obligations. This topic will also keep you abreast of important changes in this area under the Tax Cuts and Jobs Act and update you on the latest regulations.
Learning Objectives
- You will be able to identify taxation policies of employee use of employer-owned automobiles.
- You will be able to differentiate between taxable and nontaxable fringe benefits.
- You will be able to recognize taxation policies on eating facilities and meals.
- You will be able to recognize qualified transportation and parking fringe benefits and how they are taxed.
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Cash and Non-Cash Benefits for Employees Generally Can't Be Treated as Gifts
- Definition of Income Under Section 61; Section 83
- Section 102 - No Income Exclusion for Gifts to Employees
Transportation Benefits
- Employer-Provided Vehicles
- Transportation Fringe Benefits
- Parking Expenses
- No Deduction or Exclusion for Moving Expenses Under Tax Cuts and Jobs Act
Entertainment, Meals, and Lodging
- What Is Entertainment?
- Meals
- Meals Provided for the Employer's Convenience
- Lodging Provided for Employer's Convenience
Educational Benefits
- Educational Assistance Plans
- Working Condition Fringe Benefits for Job-Related Expenses
- Qualified Scholarships
- Qualified Tuition Reduction
- Seminars and Other Training Involving Travel
Recognized 'Fringe Benefits' Under IRC Section 132
- De Minimis Fringe Benefits
- Working Condition Fringe Benefits
- Cell Phones and Other Mixed Use Technology Items
- Holiday Parties
Prizes and Awards
- Employee Achievement Awards
- Prizes and Awards Transferred to Charities
- Qualified Employee Discounts
- Holiday Gifts
Withholding, Reporting, and Deduction Issues
- Reportable Items on Form W-2
- Withholding Rules Applicable to Supplemental Wages
- Withholding on Non-Cash Benefits
- Limitations on Deductions for Certain Benefits to Employees
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 15, 2022.
Call 1-866-352-9540 for further credit information.
HR Certification Institute 1.0
- This E-Learning program has been pre-approved for 1.0 (General) recertification credit hours toward aPHR®, aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM), and SPHRi(TM) recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
SHRM 1.0
- Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.0 PDC(s) for the SHRM-CP or SHRM-SCP.
CPE/NASBA - QAS Self Study 1.8 including Taxes 1.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
- Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Luke D. Bailey
Clark Hill PLC
- Senior Counsel in the Collin County, TX office of Clark Hill PLC
- Practices in all aspects of employee benefits and executive compensation
- Conducts regular seminars and workshops on numerous employee benefits and executive compensation issues
- Author of numerous articles related to the areas of employee benefits and executive compensation
- J.D. degree, Order of the Coif, University of California at Berkeley (Boalt Hall); A.B. degree, cum laude, Occidental College
- Can be contacted at 214-651-4572 or [email protected]
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
