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Basic Fringe Benefits (MI1880)
Course Format: Online  Test Format: Online
Select Your State for Credit Hours

Field of Study(s): Taxation


Basic Fringe Benefits

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Basic Fringe Benefits

 

 

 

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. 

 

Learning Objectives:

 

Upon successful completion of this course, participants will be able to:

  • Recognize basic fringe benefit planning by determining "income" under 61, and identify the differences between former non-statutory and current statutory fringe benefits created by recent cases, rulings, and tax law changes.
  •     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 or 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.
  • 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.

 

Course Number:

MI1880

NASBA Field of Study:

Taxation

Level:                    

 Overview

Author/Instructor:

Danny C. Santucci

Publication Date:

Feb. 21,  2018

 

CPE Credits:

4

 

Program Prerequisites:

None

 

Advanced Preparation:

None

 




    
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