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Course Details

Basic Fringe Benefits - Mini Course (Course Id 822)

Updated / QAS / Registry / EA   Add to Cart 
Author : Danny C Santucci, JD
Status : Production
CPE Credits : 4.0
IRS Credits : 4
Price : $39.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 822

Description :

This course is an overview of basic fringe benefits and examines their mechanics, compensation methods, valuation, withholding and accounting. Achievement awards, term life insurance, medical reimbursement, meals & lodging, educational assistance, dependent care, employer-provided automobiles, interest free loans, etc. are identified. Employer and employee economic and tax considerations are recognized. Fringe benefit requirements and limits are specified and ERISA compliance requirements are determined.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 15-Feb-2016
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - IRS Enrolled Agents - 822

Keywords : Taxes, Basic, Fringe, Benefits, Mini, Course, cpe, cpa, online course
Learning Objectives :

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT

      At the start of the materials, participants should identify the following topics for study:

    * Benefit mechanics
    * Employee achievement awards
    * Group term life insurance
    * Self-insured medical reimbursement plans
    * Medical insurance
    * Meals & lodging
    * Cafeteria plans
    * Employer-provided automobile
    * Adoption assistance program
    * Interest-free & below-market loans
Learning Objectives:

      After reading the materials, participants will be able to:
    1. Recognize basic fringe benefit planning by determining “income” under §61, and identify the differences between former nonstatutory and current statutory fringe benefits created by recent cases, rulings, and tax law changes.
    2. Specify the mechanics of typical fringe benefits, determine the fair market value of a fringe benefit under the general valuation rule or the special valuation rules, and identify the general accounting rule and the special two-month pour-over accounting rule.
    3. Identify an “employee achievement award” under §274, and recognize the rules for group term life insurance under §79 noting how to implement proper coverage.
    4. Determine the mechanics of self-insured medical reimbursement plans under §105, and specify the requirements of medical insurance under §106 noting differences.
    5. Identify the rules for excluding the value of meals and lodging under §119, and “cafeteria plans” and how they operate.
    6. Recognize the requirements and limits of employee educational assistance programs and dependent care assistance noting how to obtain each type of assistance.
    7. Identify “no-additional-cost services” and determine what property or services are excludable from income as qualified employee discounts under §132(c), and specify exceptions to working condition fringes and de minimis fringes.
    8. Determine the requirements for qualified transportation fringe benefits under §132(f), specify valuation methods for employer-provided automobiles and, identify the qualifications for the popular physical fitness exclusion, and the requirements and benefits of adoption assistance programs.
    9. Recognize planning services available under §§132, 212 and 67, determine interest-free and below-market loans, identify child care benefits and corporate funded educational savings accounts, specify S corporation fringe benefits, and identify ERISA compliance requirements.
Course Contents :

Chapter 1 - Basic Fringe Benefits

Concept

Definition of Income - §61

Deductions without Taxable Income

Benefit Mechanics

Old Dichotomy - Statutory v. Nonstatutory

Fringe Benefit Provisions

TRA ‘84 - §132

Discrimination

Only Statutory Benefits Remain

General Valuation Rule

Fair Market Value

Special Valuation Rules

Restrictions on Special Valuation Rules

Withholding & Accounting

General Accounting Rule

Special 2-Month Pour-Over Accounting Rule

Types of Benefits

Employee Achievement Awards - §74(c) & §274(j)

Exclusion

Definition of Employee Achievement Awards

Qualified Plan Award

Employer Deduction Limits

Aggregation Limit

Special Partnership Rule

Employee Impact

Group Term Life Insurance - §79

Monthly Cost Table

Family Member Cost

Employment Taxes

Group Requirements

Employee

Permanent Benefits

Discriminatory Plan

Eligibility

Type & Amount of Benefits

Key Employee

Self-Insured Medical Reimbursement Plans - §105

Allowable Expenses

Requirements

Benefits

Reporting

Exposure

Medical Insurance - §106

Group Health Plan Restrictions - COBRA

Coverage Requirement

Continuation Requirement

American Recovery & Reinvestment Act

Exemptions

Continuation Period

Notice

Meals & Lodging - §119

Convenience of Employer

Substantial Nonpay Reasons

Meals with a Charge

Lodging Required by Employer

Highly Compensated Employees

50% Limit on Meals

Cafeteria Plans - §125

Definition

Qualified Benefits

Non-Qualified Benefits

Controlled Group Rules

Salary Reduction Plans

Nondiscrimination

Highly Compensated Participants

Key Employees

Timing

Reporting Requirements

Employee Educational Assistance Programs - §127

Requirements

Educational Assistance

Dependent Care Assistance - §129

Amount of Assistance

Requirements

55% Test

Reporting

Conflict with Dependent Care

No-Additional-Cost Services - §132(b)

Covered Employees

Line of Business Requirement

Definition

Reciprocal Agreements

Nondiscrimination

Highly Compensated Employee

Qualified Employee Discounts - §132(c)

Manner of Discount

Real Estate & Investment Property Exclusion

Amount of Discount

Nondiscrimination

Working Condition Fringes - §132(d)

Covered Employees

Additions to Exclusion

Substantiation

Exceptions

De Minimis (Minimal) Fringes - §132(e)

Subsidized Eating Facilities

Qualified Transportation - §132(f)

Commuter Highway Vehicle

Transit Pass

Qualified Parking

Exclusion Limits

Employer Provided Automobile - §132 & §61

General Valuation Method

Special Method #1 - Lease Value

Annual Lease Value

Fair Market Value

Safe Harbor Value

Items Included in Annual Lease Value Table

Prorated Annual Lease Value

Daily Lease Value

Special Method #2 - Cents Per Mile

Regular Use

Mileage Rule

Items Included In Cents-Per-Mile Rate

Special Method #3 - Commuting Value

Control Employee

Employer-Provided Transportation in Unsafe Areas

Qualified Employee

Physical Fitness Programs - §132(h)(5)

Adoption Assistance Program - §137

Employment Taxes

Conflict with Adoption Credit

Eligible Child

Child with Special Needs

Limits on the Exclusion

Dollar Limit

Income Limit

Timing

Employer-Provided Retirement Advice & Planning - §132

Financial Planning - §212 & §67

Popularity

Taxation

Tax Planning - §212 & §67

Taxation

Estate Planning - §212 & §67

Moving Expenses - §217

Statement to Employees

Interest Free & Below-Market Loans - §7872

Permissible Discrimination

Employee Needs

Imputed Interest

Types of Loans

Demand Loans

Term Loans

Application of §7872 and Rate Determinations

Summary

25% Credit Allowed For Employer Child Care Facilities

Corporate Funded Educational Savings Accounts

Fringe Benefit Plans for S Corporations

ERISA Compliance

Welfare Plans

Additional Requirements

 

Glossary

Taxes Course 822 Home: https://www.cpethink.com/tax-cpa-courses
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