Taxation of Fringe Benefits in 2020: Meals, Parking and Entertainment (TXFB)

Karen E. Davis, EA, Carolyn Dolci, CPA, Jeff Jacobs, Esq., Michael J. Tucker, JD, CPA (moderator)
  • 3
  • Basic
  • Taxes
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Overview

The Tax Cuts and Jobs Act made some important changes to the tax rules impacting fringe benefits. The IRS has issued clarifications and explanations relating to some important fringe benefits, such as employee parking and employer-provided meals. Tax practitioners should be up-to-date on the tax rules relating to fringe benefits so they can help their clients determine when employer-provided fringe benefits are taxable. This program addresses the most important fringe benefits employers provide to employees and discusses how they operate in light of the statutory and regulatory changes over the past two years.

Major Topics:

  • Taxation of fringe benefits
  • Tax Cuts and Jobs Act changes to fringe benefits
  • When the expense of employer-provided parking is deductible and included in employee income
  • Repeal of the tax on qualified transportation fringe benefits for not-for-profits
  • Employer-provided meals, snacks and parties
  • Working condition fringe benefits
  • De minimis fringe benefits
  • Accident and health benefits

Learning Objectives

  • Discuss taxable and nontaxable employer provided fringe benefits with clients

Tax practitioners who anticipate advising clients with respect to taxable and nontaxable employer provided fringe benefits

A basic understanding of the tax rules relating to individual income tax

None

Yes

Yes

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