Form 1099 and W-2 Reportable Fringe Benefits and Expense Reimbursements - v10 (Course Id 1683)

Taxes - Taxes for Course Id 1683

Form 1099 filing season is more intense than ever. Whether you are new or seeking an update this webcast will provide Accounts Payable, Payroll, and Tax with plain English guidance to help minimize mistakes. In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by accounts payable and tax departments related to documenting, validating, and 1099/W-2 reporting expense reimbursements and fringe benefits payments. He also identifies key issues and best-practices for addressing these issues. 

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1683

Course Learning Objectives

• Understand 1099 and W-2 reportable versus non-reportable fringe benefits and expense reimbursements, including a detailed discussion of the proper method for applying accountable plan rules (with real world examples provided and discussed) as well as record-keeping rules as required by the IRS
• Identify recent changes to expense reimbursement and fringe benefit rules and learn how to address these changes in regards to W-2 and 1099 reporting requirements
• Identify key expense reimbursement issues including the ongoing controversy over entertainment expenses, de minimis and working condition fringe benefits, commuting, meal, per diem, commuting and transportation expenses, and how and when they are 1099 and W-2 reportable
• Learn how to file effectively as well as creating policies and procedures for avoiding IRS penalties and audits involving fringe benefit and expense reimbursement situations as well as addressing the dangers of “gift-giving” in a business context and determining “fair market value” and a special analytical process for determining which fringes and reimbursements are reportable or not
• Recognize how to identify when you must report expense reimbursements paid to employees, contractors, volunteers, and other workers including “highly compensated” employees Subject Area: Tax

Chapter 1 - Form 1099 and W-2 Reportable Fringe Benefits and Expense Reimbursements

Introduction

What is a fringe benefit

If there is W-2/1099 reporting what gets reported? 

Fringe Benefit Exclusion Rules

The Tax Cuts and Jobs Act Wrecking Ball

Accountable Plans 

Accountable Plans and General Travel and Entertainment Expenses

Travel Expenses

Entertainment Expenses - Additional Issues

Gift-Giving

Meal Reimbursements

Meals and Travel

Travel Expenses

How Long Do You Hold Onto Records?

Per Diem

Commuting Versus Transportation

Audits

Glossary