Payroll Updates in 2023: Taxable vs. Non-Taxable Fringe Benefits
Each year brings an onslaught of IRS changes for Finance and Payroll to keep tabs on – making staying compliant more 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.
This 60-minute, compliant-based workshop is designed to help finance and payroll professionals understand and correctly process tax withholdings for fringe benefits.
You’ll learn how to ensure end-to-end tax compliance, and walk away ready to:
- Withhold taxes from employee paychecks with confidence
- Explain benefits tax withholding to employees and management
- Set up and maintain audit-proof documentation of tax withholdings
- And more!
Keys to Accurate Tax Compliance & Fringe Benefit Withholding
- How to determine which fringe benefits are – and aren’t – taxable
- Understanding the IRS golden rule of fringe benefit taxation
- Determining the value of the benefits your organization is providing
- 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 that can trigger an audit
- 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
- How the processing of payments to employees can lead to Fringe Benefits not properly being taxed or reported.
Get answers to all your most important questions about taxation in 2023:
- How do I determine when accounts payable should be involved in a taxable vs. nontaxable issue?
- Do I have to withhold taxes all at once, or can I spread the tax burden out over payroll periods?
- Can I use the special accounting rule to alleviate the burden on year end taxation for fringe benefits.
About the Speaker
Dayna Reum is currently the Director of Payroll Operations at a major medical center in Chicago. Dayna has been heavily involved in the payroll field for over 20 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards for Customer Service and Acquisitions and Divestitures.
- Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll.
- Dayna has her CPP (Certified Payroll Professional) through the APA. She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee).
- Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.
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 program will help finance professionals ensure that they’re following the latest rules for taxable fringe benefits.
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!
Premier Learning Solutions is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP® or SHRM-SCP®. This program is valid for 1 PDCs for the SHRM-CP® or SHRM-SCP®. For more information about certification or recertification, please visit www.shrmcertification.org.
This program has been approved for 1 (HR (General)) recertification credit hour toward aPHRTM, aPHRiTM, PHR®, PHRca®, SPHR®, GPHR®, PHRiTM and SPHRiTM recertification through the HR Certification Institute. Learn more at hrci.org