Fringe Benefits and Payroll Compliance Virtual Boot Camp

Presented by: Vicki M. Lambert, CPP
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Learn how your company's payroll department can ensure compliance with IRS and state taxation and audit requirements for all types of fringe benefits
Fringe benefits are an integral part of an employee's compensation package, and they help employers recruit and retain high quality employees in today's highly competitive business environment. But the diversity of available fringe benefits can make the area of payroll compliance positively overwhelming. When determining what fringe benefits to provide, the first question that usually arises is "how are we going to do it?" However, your task doesn't stop once that question is answered and the fringe benefit is provided. When providing fringe benefits, the payroll department must have the answers to a number of questions: Are fringe benefits taxable or not? Are they reportable or not? You must understand what the IRS taxation and reporting requirements are.

In this fringe benefits boot camp, payroll specialist Vicki M. Lambert, CPP, will cover all of the common and not-so-common fringe benefits that employers may offer, while specifically examining them from a payroll perspective. Vicki will provide answers to important questions, including: When is relocation taxable and reportable, and when is it only reportable? What limits must be met to determine taxation of educational assistance? Does one handle the personal use of a company vehicle the same way as the business use of a personal vehicle? And of course, she will be doing the math calculations where required.

But benefits can also seem like an alphabetical and numerical hodgepodge at times. What is the difference between an HSA and an HRA? How should a 401(k), a 125 and a 129 plan be handled? What exactly is a Section 132 fringe benefit, and is it taxable?

All of these types of questions must be answered correctly in order for payroll to keep the company in compliance: With both the IRS and the state tax authorities taking aim at fringe benefits in their audits, especially for executives, now is not the time to be complacent in your compliance. Vicki's boot camp is broken up into five sections to cover like fringe benefits together.
Session Details
Session 1: The Payroll Side of Qualified/Nonqualified Deferred Comp, Tax Deferred and Tax Preferred Benefits

Session Highlights

  • Introduction and overview of fringe benefits
  • Handling qualified and nonqualified deferred compensation
  • Review the taxation and reporting of cafeteria plans
  • Examine flexible spending accounts
  • Determine the taxation and reporting for dependent care
  • Discuss an overview of stock option tax and reporting
Session 2: Health and Other Insurances

Session Highlights

  • Review calculating and reporting health insurance benefits for 2017
  • Discuss how to deal with the complexities of third party sick pay taxation and reporting
  • Determine how to calculate, tax and report group term life insurance
  • Examine the basics of taxation and reporting whole and split life insurance
  • Cover handling the alphabet soup of health insurance including HSAs, HRAs and MSAs
Session 3: Feeding, Housing and Educating Employees

Session Highlights

  • The taxation pitfalls of company relocation and how to avoid them
  • When can an employer pay for relocation?
  • What must be taxed when relocating an employee and what must only be reported
  • On-site lodging taxation and reporting
  • Taxing lodging for executives such as vacation condos
  • Providing meals for employees—is it taxable or not?
  • Are the rules different for on-site cafeterias?
  • What if the employee pays for the meal—does that affect taxation?
  • What to do with occasional meals
  • Educational assistance programs and taxation
Session 4: Transportation Fringe Benefits

Session Highlights

  • What are the four allowable methods to calculate the personal use of a company car?
  • How to calculate the taxable wages for the personal use of a company vehicle using one of the four accepted IRS methods
  • When an auto allowance is considered taxable wages and when it is not
  • IRS 132 transportation fringe benefits, including parking, bus passes and tokens and bicycles—when to tax and when not to, and what the limits are
  • Calculating the personal use of a company aircraft even if there is a business trip involved somewhere
Session 5: Section 132 and Beyond

Session Highlights

  • Working condition fringe benefits
  • De minimis fringe benefits
  • Employee discounts
  • No additional cost services
  • Employee achievement awards for length of service and safety
  • Prizes and awards—cash and noncash
  • Cell phones
  • Gift certificates and gift cards
  • Holiday gifts
Who Will Benefit
  • Payroll professionals
  • Human resources professionals
  • Accounting personnel
  • Business owners
  • Lawmakers
  • Attorneys
  • Any individual or entity that must deal with the intricacies of tax and reporting of fringe benefits
About the Speaker
Vicki M. LambertVicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company's website offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations.
With over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Vicki has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today.

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