Corporate Tax Series

Basic Fringe Benefits (Updated)

Course Overview:
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 and 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:

After completing this course, participants will be able to:
  • Recognize basic fringe benefit planning by determining “income” under Sec. 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 Sec. 274, and recognize the rules for group term life insurance under Sec. 79 stating how to implement proper coverage.
  • Determine the mechanics of self-insured medical reimbursement plans under §105, and specify the requirements of medical insurance under Sec. 106 identifying differences.
  • Identify the rules for excluding the value of meals and lodging under Sec. 119, and “cafeteria plans” and how they operate.
  • Recognize the requirements and limits of employee educational assistance programs and dependent care assistance specifying 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 Sec. 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 Sec. 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.

Content Partner:

SmartPros Ltd.

SmartPros Ltd. is a leader in online and offline continuing education for
accounting, finance and engineering professionals. With over 2,000 hours of
content, SmartPros has been providing mandatory continuing education
products since 1981. SmartPros provides services and content to its
professional and corporate clients, in a variety of media including Web, CD
ROM, and video. In the accounting market, SmartPros also has a predominant
news and information portal which receives 200,000+ visits per month and
provides services to over 100,000 subscribers. SmartPros' customers include
50% of the Fortune 500, as well as the major firms and associations in each
of its professional markets.


Prerequisites/Advanced Preparation:

General understanding of federal income taxation

Speaker / Author:

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California.

His legal career started with the business and litigation firm of Edwards, Edwards and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law and estate planning.

Danny has been an officer and active member in various organizations including the Glendale Bar Association, Century City Bar Association, 0range County and Los Angeles County Bar Associations, California State Bar Association, Toastmasters and Lions Club. He has been admitted to practice before all California and federal courts including the United States Tax Court and the United States Supreme Court.

Serving as a lecturer for the Continuing Education of the Bar of California, Golden Gate University, and numerous state C.P.A. societies, Danny teaches a variety of tax, business and real estate courses. Danny is in demand all across the country as a speaker for all levels of professional and civic organizations and numerous major seminar circuits.

The author of 28 texts, Danny speaks to over 2,000 people per month and travels more than 150,000 miles annually. He is listed in “Who’s Who in Creative Real Estate” and is admitted to the American Exchangor’s Hall of Fame.

Software & Hardware Requirements:

  • 56k or Greater Internet Connection
  • Adobe Acrobat® Reader for the .pdf files
  • Adobe® Flash® Player 9 or higher
  • Modern DHTML Compatible Browser
  • Ram: 256 MB minimum
  • Windows or Mac OS

Buy

Price (USD)

Standard Rate: $74.85

Details

Course Code : 99SANT13-v2

Release Date : 12/31/2018
Expire Date : 12/31/2020
Credits :
CPE 3.00
QAS 3.00

Course Level : Overview
Course Type : Self-Study
Length : 2hr 30min
Passing Grade : 70%
Field Of Study : Taxes
Theme : Corporate Tax Series

Format Type : eLearning
Mobile Compatible

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