Basic Fringe Benefits ON DEMAND

Overview

This course offers a detailed exploration of fringe benefits, an essential area in tax and accounting practices. Designed for professionals, this course covers the fundamental aspects of fringe benefits including their mechanics, compensation methods, and valuation. You’ll learn about a variety of fringe benefits such as term life insurance, medical reimbursement, meals and lodging, educational assistance, and more. The course helps you understand the economic and tax considerations from both employer and employee perspectives. It also provides guidelines on fringe benefit requirements, limits, and ERISA compliance. By the end of this course, you’ll have a robust understanding of fringe benefits, equipping you with the knowledge to advise clients effectively, navigate tax implications, and ensure compliance in this crucial area of finance.

Highlights

Basic fringe benefits. Fringe benefit plans for S Corporations. ERISA compliance.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents, and attorneys.

Objectives

Recognize basic fringe benefit planning by determining income under Section 61, identify the unusual tax-favored compensation advantage of qualified fringe benefits, and determine the fair market value of a fringe benefit under the general valuation rule and the special two-month pour-over accounting rule. Identify the rules for group term life insurance under Section 79 stating how to implement proper coverage and determine the mechanics of self-insured medical reimbursement plans under Section 105. Identify the rules for excluding the value of meals and lodging under Section 119, and cafeteria plans and recognize the requirements and limits of employee educational assistance programs and dependent care assistance. Identify no-additional-cost services and determine what property or services are excludable from income as qualified employee discounts under Section 132(c) and specify exceptions to working condition fringes and de minimis fringes. Determine the requirements for qualified transportation fringe benefits under Section 132(f), specify valuation methods for employer-provided automobiles, and identify the requirements and benefits of adoption assistance programs. Recognize the income inclusion of moving expense reimbursement and below market loans and identify ERISA compliance requirements.

Preparation

None.

Notice

None.