bfb2023
PDF Book
Self-Study
Basic
200 Minutes
Major Topics
Learning Objectives
- 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.
- 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.
- 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.
- Recognize the requirements and limits of employee educational assistance programs and dependent care assistance specifying how to obtain each type of assistance.
- Identify the rules for excluding the value of meals and lodging under ?119, and “cafeteria plans” and how they operate.
- Determine the mechanics of self-insured medical reimbursement plans under ?105, and specify the requirements of medical insurance under ?106 identifying differences.
- Identify an “employee achievement award” under ?274, and recognize the rules for group term life insurance under ?79 stating how to implement proper coverage.
- 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.
- Recognize basic fringe benefit planning by determining “income” under ?61, and identify the differences between former nonstatutory and current statutory fringe benefits created by recent cases, rulings, and tax law changes.
Course 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.
Compliance Information
Advanced Preparation
None
Field of Study
Taxes
Credits
4 Credits
Published Date
January 26, 2023
Revision Date
February 29, 2024Course Authors
Danny Santucci
Huntington Beach, CA
Author, Santucci Publishing
All of our self-study courses are NASBA approved (through our partners at K2 Enterprises) the revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards).
Your Registration Includes:
- Course materials (video & PDF version)
- Unlimited attempts to complete exam
- Course materials (PDF & Sample Materials)
- Instant grading & certificate of completion
- One year access to complete your CPE
- Completion certificate
