Are Your Employee Gifts and Fringe Benefits Being Taxed Correctly?

Gift cards. Employee awards. Company vehicles. Wellness benefits. Tuition assistance. Recognition programs. Many organizations offer these valuable employee benefits-but not all of them are being taxed or reported correctly.

This practical webinar helps payroll, HR, and finance professionals understand which fringe benefits are taxable, which may qualify for exclusions, and how to avoid costly payroll tax reporting mistakes before they become IRS issues.

What Are Fringe Benefits?

Fringe benefits - often called "perks" - are a form of compensation for services beyond the employee's normal rate of pay.

Examples of fringe benefits include health insurance, use of a company car, childcare reimbursement, housing allowance, educational assistance, vacation pay, sick pay, employee discounts, gym memberships, stock options, and transportation benefits. Essentially, any benefit other than salary than an organization provides its employees is a fringe benefit. Generally speaking, fringe benefits are taxable.

Fringe benefits are subject to income tax withholding and employment taxes, and are generally included in an employee's gross income. Taxable fringe benefits must be included as income on the employee's W-2. Unfortunately, the IRS has indicated that fringe benefits are now an audit focus and it is no laughing matter if you improperly report - even by mistake - the fringe benefits that you provide to your employees.

Experience has shown that these audits are going to be different from regular tax audits in that they're going to be more invasive. Will your organization's accounting and reporting stand up to these audits?

Why This Webinar Matters

Good Intentions Don't Always Equal Tax Compliance

Rewarding employees is good for morale - but improperly reporting gifts, awards, and fringe benefits can create unexpected payroll tax liabilities. Even experienced payroll professionals face questions like:

• Is this benefit taxable?
• Does this need to appear on the employee's W-2?
• Are payroll taxes required?
• Does this qualify as a de minimis benefit?
• What documentation should we maintain?

This webinar provides practical guidance to help you answer these questions with confidence while reducing compliance risk.What You'll Learn:This webinar will help you to determine if your fringe benefits are currently being offered to employees correctly in order to ensure that they are compliant with federal and state payroll tax regulations. This may assist you in avoiding a costly audit in the future.

We'll cover the IRS guidelines for the items that they will focus on when an employment tax audit is being performed, as well as tips on how to perform your own internal review to catch anything that may actually cause an audit.

By attending this audio conference, you will learn:

• Which benefits are taxable - and how they should be reported
• Which benefits are excludable from taxes - and how they should be documented
• How to compute the value of a "good" versus a "service" - and how to handle the payroll tax consequences for those items considered taxable
• How to perform your own internal review to catch anything that may actually cause an audit
• What the IRS guidelines are for an employment tax audit
• What to do if you have some items that should have been considered wages subject to payroll taxation

...and as always, this session will be interactive, so we'll be able to answer your questions on this topic throughout the presentation!

What You'll Gain

Rather than simply reviewing regulations, this webinar focuses on practical situations payroll professionals encounter every day. After attending, you'll be better prepared to:

• Correctly identify taxable and non-taxable fringe benefit
• Value fringe benefits correctly
• Understand common IRS reporting requirements
• Document exclusions properly
• Recognize common payroll tax pitfalls before they become compliance issue
• Improve payroll consistency across your organizatio
• Avoid costly corrections at year-end

Don't wait; order today!