Employee Gifts and Fringe Benefits: Tax Consequences and Reporting Obligations
|Date / Time:
While competitive salaries often attract top employees to join an employer, employers often provide competitive and attractive prizes, bonuses, awards and other benefits to boost their employees' morale and reward employees for going the extra mile. However, employers must be aware of federal tax laws when providing these benefits, or else employers may find that these benefits are more expensive than they originally thought. This topic will help you learn the different ways that employees may be rewarded for exceptional performance, without incurring additional tax expense, or at least avoiding penalties. Important reporting and withholding requirements to ensure that employers fully comply with their federal tax obligations will also be discussed.
Gifts to Employees
Prizes and Awards
- Definition of Income in Section 61
- Commissioner v. Duberstein
- Section 102 Prohibition on Income Exclusion for Gifts to Employees
- Exception for Gifts to Employees That Are "Natural Objects of Employer's Bounty"
- De Minimis Fringe Benefits
- Working Condition Fringe Benefits
- Cell Phones and Other "Mixed Use" Technology Items
- Holiday Parties
- Employee Achievement Awards
- Prizes and Awards Transferred to Charities
- Qualified Employee Discounts
- Holiday Gifts
- Educational Assistance Plans
- Working Condition Fringe Benefits for Job Related Expenses
- Qualified Scholarships
- Qualified Tuition Reduction
- Seminars and Other Training Involving Travel
Meals and Lodging
- Employer Provided Vehicles
- Transportation Fringe Benefits
- Parking Expenses
- Use of Aircraft
- Occasional Meals
- Meals Provided for the Employer's Convenience
- Lodging Provided for Employer's Convenience
Withholding, Reporting and Deduction Issues
- Section 83 and Elections Under Section 83(b) for Transfers of Property
- Compliance With Section 409A
About The Presenter
- Reportable Items on Forms W-2
- Withholding Rules Applicable to Supplemental Wages
- Withholding on Non-Cash Benefits
- Limitations on Deductions for Certain Benefits to Employees
Luke D. Bailey
- Partner in Dallas office of Strasburger & Price, LLP
- Practices in areas of of IRC §§401(a) qualified plans of for-profit business, and, 403(b), 457(b) and (f), and 415(m) plans of schools, state and local governments, universities, and charities
- Has handled a large number of cases under the IRS's program for rehabilitating delinquent qualified retirement plans ("EPCRS," "VCP," and "Cap")
- Admitted, Texas
- Member, National Association of Public Pension Attorneys, American Bar Association Tax Section, and Texas Bar Association
- D Magazine List of Best Lawyers in Dallas, 2011, 2013
- Named among The Best Lawyers in America®, (Copyright 2012 by Woodward/White, Inc., of Aiken, SC), 2013 to 2014
- J.D. degree, Order of the Coif, University of California at Berkeley (Boalt Hall); B.A. and A.B., cum laude, degrees, Occidental College
- Associate in the San Antonio office of Strasburger & Price, LLP
- Practice emphasizes all aspects of federal tax controversy and employee benefits planning
- Conducts regular seminar and workshops on federal tax issues including employment tax and employee benefits planning
- Before joining Strasburger & Price, worked as an attorney in the Employment Tax Branch of the National Office of the Office of Chief Counsel, Internal Revenue Service
- J.D. degree, cum laude, Southern Methodist University; LL.M. degree, with distinction, Georgetown University Law Center; B.A. degree, magna cum laude, University of Dallas
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