2024 Fringe Benefit Taxation & Garnishment Updates

Session # 1 - Fringe Benefit Taxation

Live Date - 2-27-2024

Speaker - Dayna J. Reum

CEU - 1.0 IRS APPROVED CE CREDIT

Participants with walk away with a better understanding of the IRS view on fringe benefit taxation.  The details of the IRC exceptions allowed by the IRS will be detailed and explained to participants.  Participants w Companies are providing more fringe benefits to employers more than ever before, thus reduces company cost but raises employee morale.  Because of this the IRS has more to say on what Fringe Benefits are taxable and what are not.  The IRS for non-taxable fringe benefits puts a lot of regulation around how the fringe benefit is given and when that also determines if a thought non-taxable item may end up being taxable.

Participant will be able to better identify and calculate the fair market value of fringe benefits for taxation purposes.

Webinar Agenda

• Review FMV (Fair Market Value) and how the IRS determines it.
• Discussion on No additional cost services, employee discounts, working condition fringe benefits & De minimis Fringe Benefits.
• Review qualified transportation benefits
• Discuss several excludable fringe benefits such as Retirement planning, athletic facilities, achievement awards etc.
• Discuss fringe benefits that should be taxable
• Review Moving/Relocation Expenses
• Review executive taxation items, like spousal travel. Company aircraft usage etc.
• Once a benefit is determined taxable, how to handle it
  • Brief overview of how to handle any fringe benefits that AP pay.
• Annual Fringe Benefit limits will be reviewed.

Webinar Highlights

• IRS rules for taxation of Fringe Benefits
• How to calculate the value of a noncash fringe benefit
• Review of excludable fringe benefits
• Details of how the tax cuts and jobs act impacted fringe benefits
• Procedures for recording fringe benefits
• Year end best practices for fringe benefit taxation

Session # 2 - 2024 Garnishment Update

Live Date - 3-12-2024

Speaker - Dayna J. Reum

CEU - 1.0 IRS APPROVED CE CREDIT

Garnishments are a requirement of doing business and having employees but juggling the requirements of different types of garnishments and federal and state laws can be exhausting.  This webinar will give you the tips and tools to know how to stay compliant and process garnishments Along with challenges and risks employers hold when not properly handling garnishments.  Will review the impact to garnishments due to the recent tax reform accordingly.

Webinar Agenda

• Child Support Review
  • Employer Responsibility/Employee Protections
  • Priority of Withholding/Multiple Orders
  • Child Support withholding requirements
  • Defining Income/Calculating disposable pay
  • Lump Sum Payments
  • Calculating Child Support Payments
  • When to remit payments
  • Administrative fees
  • Handling terminated employees
  • E-IWO (electronic income withholding orders)
  • Other Child Support Concerns
  • Medical Support Orders
  • Details of State Requirements
• Levy Review
  • Federal Tax Levies
    • Forms
    • Priorities
    • Calculating deductions
    • Special Situations
    • Remittance Requirements
    • Voluntary Deductions
  • Other Federal Garnishments/CARES Act
  • State Tax Levies
    • Requirements
    • State Laws
• Creditor Garnishments

Webinar Highlights

• Better understanding the employer responsibilities
• How to properly calculate Garnishment deductions?  According to the law or the order or a little bit of both?
• Review of lump sum reporting requirements and how to comply
• Proper order of garnishment priority when an employer receives multiple orders.
• How to determine which law to follow state or federal?

Who Should Attend

Payroll and Tax Professionals

Credit(s)

IRS CPE Credits: 2 Tax hour