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Are you a California CNA?
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.
Course Publication Date: June 04, 2024
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $30.00!
| Author: | Danny Santucci |
| Course No: | TAX-FRINGE-5224-M |
| Recommended CPE: | 3.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | General understanding of federal income taxation |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Recognize basic fringe benefit planning by determining “income” under §61 and identify the unusual tax-favored compensation advantage of qualified fringe benefits.
- 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 §274, and recognize the rules for group term life insurance under §79 noting how to implement proper coverage.
- Determine the mechanics of self-insured medical reimbursement plans under §105, and specify the requirements of medical insurance under §106 noting differences.
- Identify the rules for excluding the value of meals and lodging under §119, and “cafeteria plans” and how they operate.
- Recognize the requirements and limits of employee educational assistance programs and dependent care assistance noting how to obtain each type of assistance.
- 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.
- 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.
- 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.
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