Payroll Updates in 2020: Taxable vs. Non-Taxable Fringe Benefits
2020 and COVID-19 have heralded an onslaught of IRS changes for Finance to keep tabs on – which makes staying compliant difficult.
One of the most difficult areas to process: tax withholdings on fringe benefits.
Some fringe benefits count as taxable income, and de minimis fringe benefits don’t - but it can be hard to find the line in the sand, especially during the era of COVID-19, remote work, PPE, and other changes.
This 60-minute workshop is designed to help finance and payroll professionals understand and correctly process tax withholdings for fringe benefits in 2020.
You’ll learn how to ensure end-to-end tax compliance, and walk away ready to:
- Withhold taxes from employee paychecks with confidence
- Explain updated 2020 tax withholding to staff members and management
- Set up and maintain audit-proof documentation of tax withholdings
- And more!
Program Highlights
Learn the building blocks of tax compliance with fringe benefit withholding
- Exactly how to determine which fringe benefits are – and aren’t – taxable
- How to determine the value of the benefits your organization is providing to employees
- When certain taxes need to be withheld
- Keys to explaining withholdings to employees
Navigate complicated tax laws with ease
- Identify – and avoid – the most common mistakes organizations make that can trigger an audit
- Understand the difference between taxable and reportable according to the IRS
- Learn which tax rate to use for taxable benefits: aggregate, flat rate, cumulative, gross-up, etc.
- Explore the impact COVID-19 and remote work have had on taxation
- Learn how expense reimbursements can lead to fraud if not monitored properly
Get answers to all your most important questions about taxation in 2020
- With employees working from home, if I give my employee a company cell phone or pay for their internet, does that trigger a taxable event?
- How do I determine when accounts payable should be involved in a taxable vs. nontaxable issue?
- Should my employees fill out a new W-4 every year?
- Do I have to withhold taxes all at once, or can I spread the tax burden out over payroll periods?
About the Speaker
Pamela Fagan is president of Audit Business Services, Inc. She is a management consultant and compliance auditor to government, business, and associations with global perspective. Pamela has fifty years of experience in human resources, payroll, management, accounting and finance. She has been an Executive Vice-President for a manufacturing plant; director of accounting and personnel, and CEO for a nationwide rental company, business manager for a non-profit opera company; and currently is the operations director for a Native American non-profit organization.
Pamela has been a trainer/presenter for multiple training companies for the last 27 years. Her topics have included accounting, payroll, human resources, communication and time management, safety, computer courses and administrative/management classes. She is a specialist in all 50 states and Canada employment, labor and tax laws
She a member of Society for Human Resource Management, and a member of the American Payroll Association. She has her SPHR certification with SHRM, CPP (certified payroll professional) certification with American Payroll Association, TFOC (Tribal Finance Officers' Certification) with Native American Finance Officers Association, and her THRC (Tribal Human Resources Certification).
She a member of Society for Human Resource Management, and a member of the American Payroll Association. She has her SPHR certification with SHRM, CPP (certified payroll professional) certification with American Payroll Association, TFOC (Tribal Finance Officers' Certification) with Native American Finance Officers Association, and her THRC (Tribal Human Resources Certification).
Program Benefits
Between purchasing PPE, reimbursing remote worker expenses, and altering other benefits to meet the changing needs of a pandemic workforce, taxation has gotten increasingly complicated this year. This workshop will help finance professionals ensure that they’re following updated rules for taxable fringe benefits in 2020.
If you'd like this program customized for your organization, call us at 1-800-964-6033.
We're certain we can fulfill your training needs, while making it fit in your budget!
Purchase This On-Demand Webinar
Payroll Updates in 2020: Taxable vs. Non-Taxable Fringe Benefits
A Note to Our Valued Attendees Impacted by COVID-19:
We understand that due to COVID-19, most people are working remotely and in multiple locations, so we're doing things a little different to accommodate such situations.
After registering, simply reply to your invite email with a list of all the folks who will need additional access links.. Please include their first name, last name, and email address.
