Basic Fringe Benefits ON DEMAND

Overview

This self-study course offers a detailed exploration of fringe benefits, an essential area in tax and accounting practices. Designed for professionals, it 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, and identify the differences between former nonstatutory and current statutory fringe benefits created by recent cases, rulings, and tax law changes. 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. Identify an “employee achievement award” under Section 274 and recognize the rules for group term life insurance under Section 79 stating how to implement proper coverage. Determine the mechanics of self-insured medical reimbursement plans under Section 105 and specify the requirements of medical insurance under Section 106 identifying differences, and more.

Preparation

None.

Notice

None.