0
| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 35 ||| Review Questions: 23 ||| Final Exam Questions: 20 |
| CPE Credits : | 4.0 |
| IRS Credits : | 4 |
| Price : | $35.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes 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 : | 20769 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
What Are Fringe Benefits? Types and Benefits
|
| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 28-Mar-2024 |
| 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 - Text - 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. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* 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 After reading the materials, participants will be able to:
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 stating 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 identifying 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 specifying 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 Discrimination 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 Same-Sex Marriage Types of Benefits Employee Achievement Awards - §74(c) & §274(j) Exclusion Definition of Employee Achievement Awards Tangible Personal Property 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) Additions to Exclusion Covered Employees Substantiation Exceptions De Minimis (Minimal) Fringes - §132(e) Subsidized Eating Facilities Qualified Transportation - §132(f) 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 On-premises Athletic Facility - §132(j)(4)(B) Adoption Assistance Program - §137 Employment Taxes Conflict with Adoption Credit Eligible Child Children 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 Expense Reimbursement - §217 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 For Employer Child Care Facilities - §45F Corporate Funded Educational Savings Accounts Family & Medical Leave - §45S Employer-Provided Cell Phones - §132(a) Noncompensatory Business Purposes Fringe Benefit Plans for S Corporations ERISA Compliance Welfare Plans Additional Requirements Glossary |
Login/Register
The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)