Background:-
There are lots of ways to reward workers other than wages. Smart businesses understand the two-way importance of helping employees out with things like education, commute help, health, wellness, etc. The IRS also recognizes the economically stabilizing results of fringe benefits. They have categorized the many different types of benefits, and set limits on which the value does not have to be taxed to the worker.
However, limitations exist on types and amounts of fringe benefits that are non-taxable to the worker. Making mistakes can result in audits, inquiries, or assessments for unpaid taxes.
Why Should You Attend:-
Specifically, IRS auditors are focusing on executive compensation. Stock options, golden parachutes, insurance, and other perks are designed to keep your high-priced executive talent in place. However, mismanagement of these benefits can subject you to not only payroll tax audits, but personal income tax audits for the executive.
Being both knowledgeable and choosy about which benefits you provide will go a long way in keeping workers motivated without breaking either your company’s or the workers’ budgets. Covid-19 has made certain choices more beneficial, as the government will pay for things like mandated sick pay.
The IRS has an entire booklet on all the various types of fringe benefits. How confident are you in the proper reporting and taxability of the ones you offer, or would like to offer?
Who Will Benefit:-
