75-fringe_benefit_fslg

75-fringe_benefit_fslg - Taxable Fringe Benefit Guide...

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Unformatted text preview: Taxable Fringe Benefit Guide FEDERAL, STATE, AND LOCAL GOVERNMENTS THE INTERNAL REVENUE SERVICE January 2012 TABLE OF CONTENTS 1 Introduction 2 How To Report Taxable Fringe Benefits 3 Working Condition Fringe Benefits 4 De Minimis Fringe Benefits 5 No-Additional-Cost Fringe Benefits 6 Qualified Employee Discount 7 Qualified Transportation Fringe Benefits (QTF) 8 Health and Medical Benefits 9 Travel Expenses 10 Transportation Expenses 11 Moving Expenses 12 Meals and Lodging 13 Use of Employee-Owned Vehicle 14 Employer-Provided Vehicle 15 Equipment and Allowances 16 Awards and Prizes 17 Professional Licenses and Dues 18 Educational Reimbursements and Allowances 19 Dependent Care Assistance 20 Group-Term Life Insurance 3 4 21 Volunteers 22 Independent Contractors Appendix: Contact Information INDEX 1 Introduction The Taxable Fringe Benefits Guide was created by the Internal Revenue Service office of Federal, State and Local Governments (FSLG) to provide governmental entities with a basic understanding of the Federal tax rules relating to employee fringe benefits and reporting. As a supplement to other IRS publications, the Taxable Fringe Benefit Guide is designed to help individuals responsible for determining the correct tax treatment of employee fringe benefits and the appropriate withholding and reporting for them. This publication covers: How to determine whether specific types of benefits or compensation are taxable. General procedures for computing the taxable value of fringe benefits. Reporting the taxable value of benefits on Forms W-2 and 1099-MISC. Rules for withholding Federal income tax, social security and Medicare taxes from taxable fringe benefits. How to contact the Internal Revenue Service with questions regarding taxation and reporting requirements. NOTICE This guide is intended to provide basic information on the tax treatment of fringe benefits. It reflects the interpretation by the IRS of tax laws, regulations, and court decisions. The explanations in the guide are intended for general guidance only, and are not intended to provide a specific legal determination with respect to a particular set of circumstances. Additional research may be required before a determination may be made on a particular issue. Citations to legal authority are included in the text. You may contact the IRS for additional information. You may also want to consult a tax advisor to address your situation. 5 What Is a Fringe Benefit? A fringe benefit is a form of pay (including property, services, cash or cash equivalent) in addition to stated pay for the performance of services. Some forms of additional compensation are specifically designated as fringe benefits in the Internal Revenue Code; others, such as moving expenses or awards, have statutory provisions providing for special tax treatment but are not designated as fringe benefits by the Code. This publication uses the term broadly to refer to all remuneration other than stated pay for which special tax treatment is available. The refer to all remuneration other than stated pay for which special tax treatment is available....
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This note was uploaded on 03/31/2012 for the course TAX 4001 taught by Professor Robertmcgee during the Spring '09 term at FIU.

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75-fringe_benefit_fslg - Taxable Fringe Benefit Guide...

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