News & Analysis as of November 15, 2024

Fringe Benefits

+ Follow

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

IRS Issues FAQs on the Tax Treatment of Employer-Provided Work-Life Referral Services

Groom Law Group, Chartered on 4/22/2024

On April 16, 2024, the IRS issued Fact Sheet 2024-13, which includes FAQs addressing the tax treatment of employer-provided work-life referral services. The FAQs generally provide that the value of these services can be...more

When Cash is not King: Holiday Gifts as “De Minimis” Fringe Benefits

Verrill on 12/16/2022

To celebrate the holiday season, this post highlights the tax consequences of employer-sponsored holiday perks such as gift cards, turkeys, hams and gift baskets. Under the current tax rules, employers may give infrequent low...more

Tax Court in Brief | Mihalik v. Commissioner | “De Minimus” Fringe Benefit Under Sec. 132

Freeman Law on 4/19/2022

Tax Litigation: The Week of April 11th, 2022, through April 15th, 2022 The REDI Foundation, Inc. v. Comm’r, T.C. Memo. 2022-34 |April 11, 2022 |Nega, J. | Dkt. No. 23715-18 Pediatric Impressions Home Health, Inc. v. Comm’r,...more

IRS Releases 2022 Inflation Adjustments to Various Tax Limitations on Employer-Provided Benefits

Littler on 11/10/2021

On November 10, 2021, the IRS released Revenue Procedure 2021-45, which contains its annual inflation adjustments for over 60 tax provisions, including not only individual income tax rates and deductions, but also many...more

IRS Provides Guidance on Unrelated Business Income Tax Refunds

Proskauer - Not for Profit/Exempt... on 1/29/2020

On Friday, December 20, 2019, President Trump signed into law government funding legislation for the 2020 fiscal year that includes a provision repealing Section 512(a)(7), commonly referred to as the “parking tax,” with...more

IRS Instructs Nonprofits on How to Claim Parking Tax Refund

Morgan Lewis on 1/27/2020

On December 20, 2019, Congress retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), which had increased unrelated business taxable income by amounts paid or incurred for qualified transportation fringes....more

Repeal of Unrelated Business Income Tax on Qualified Transportation Fringe Benefits

Proskauer - Not for Profit/Exempt... on 12/24/2019

Late on Friday, December 20, 2019, President Trump signed into law government funding legislation for the 2020 fiscal year that includes a provision repealing Section 512(a)(7), commonly referred to as the “parking tax.”...more

Nonprofits Seeking to Avoid New Parking Tax Must Make Changes Soon

McGuireWoods LLP on 3/14/2019

Thousands of nonprofits that provide parking benefits for their employees are subject to a new income tax on those benefits and have only weeks to avoid or minimize that tax liability for 2018. ...more

There’s No Such Thing as a Free Lunch…But There are Free Snacks

BCLP on 3/1/2019

Something to gnaw on during your lunch hour today (sorry, we couldn’t resist): the IRS recently released TAM 201903017, which ruled that free employee meals provided by an employer were includible in its employees’ taxable...more

Weekly IRS Roundup February 18 – 22, 2019

McDermott Will & Emery on 2/25/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 18 – 22, 2019. February 19, 2019: The IRS issued a news release promoting online...more

New IRS Guidance Regarding Section 162(m)’s Deduction Limitation for Executive Compensation – Increased Complexity and Reduced...

Cadwalader, Wickersham & Taft LLP on 9/18/2018

The Internal Revenue Service (the “IRS”) recently issued Notice 2018-68 (the “Notice”) that provides guidance regarding the application of Section 162(m) of the Internal Revenue Code of 1986, as amended (“Section 162(m)”)...more

Tax Treatment of Employer-Provided Fringe Benefits for International Assignees

Ogletree, Deakins, Nash, Smoak & Stewart,... on 8/6/2018

The Internal Revenue Service (IRS) recently clarified its position on two fringe benefits provided to employees on global assignments: tax equalization services and tax return preparation services. Memorandum Number 201810007...more

Impact of Tax Reform on Compensation Structures and Popular Fringe Benefits

McDermott Will & Emery on 5/11/2018

US tax reform is changing the game with respect to many of the popular benefits employers have traditionally provided to their employees. These new rules have produced a great deal of questions. However, while the Internal...more

Decoding the Tax Cuts and Jobs Act – Part VIII: Charitable and Tax-Exempt Organizations / Estate and Gift Taxes

Foster Garvey PC on 3/28/2018

Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more

IRS Confirms Deduction Denial for Qualified Transportation Benefits

Kilpatrick on 3/22/2018

Under the Tax Cuts and Jobs Act (the “Act”) employers are no longer allowed to take a deduction for qualified transportation fringe benefits provided to employees (other than qualified bicycle commuting reimbursements which...more

What Every Employer Needs To Know About The Tax Reform Law

Fisher Phillips on 3/12/2018

Late last year, Congress passed the Tax Cuts and Jobs Act (the “Act”) and it was quickly signed by the President. The Act seeks to reform the current tax system and contains numerous provisions that may be significant to...more

Trump’s Tax Reform: Effect on Nonprofits

Bowditch & Dewey on 3/6/2018

The Administration’s frenzy to pass “tax reform” created tax breaks for some—I’m looking at you, the Trump family—increased taxes for others, and confusion for everyone, at least until the IRS is able to promulgate official...more

Decoding the Tax Cuts and Jobs Act – Part VI: Employment and Fringe Benefit Related Provisions

Foster Garvey PC on 2/28/2018

BACKGROUND - The Tax Cuts and Jobs Act (“TCJA”) creates, modifies or eliminates a number of employment and employee fringe benefit related provisions of the Code. Both employers and employees need to be aware of these...more

President Trump Signs Tax Reform Bill into Law

Akin Gump Strauss Hauer & Feld LLP on 1/9/2018

On December 15, 2017, the House and Senate conference committee agreed on the terms of the final tax reform bill, previously referred to as the “Tax Cuts and Jobs Act” (the “Act”), which was subsequently approved by both...more

New Deferral Opportunity for Stock Awards

Bradley Arant Boult Cummings LLP on 1/5/2018

The Tax Cuts and Jobs Act includes a new provision that can delay the taxation of compensation paid to employees of “eligible corporations” in the form of “qualified stock” for up to five years. The provision is set forth in...more

Structuring A Parking Reimbursement Plan As A Taxable Or Tax-Free Fringe Benefit

Dickinson Wright on 4/20/2017

In Information Letter 2017-0007, the IRS analyzed an employer’s parking reimbursement arrangement and concluded that it was not a tax-free fringe benefit. ...more

IRS Reminds Employers Value of “Free” Parking May Be Taxable Fringe Benefit

Ogletree, Deakins, Nash, Smoak & Stewart,... on 10/3/2014

A recent Information Letter issued by the Internal Revenue Service (IRS) on the taxation of employer-provided parking, although noncontroversial, serves as a useful reminder that “free” parking for employees may result in...more

22 Results

View per page

Page: of 1

Income Taxes › Internal Revenue Service › Fringe Benefits

"My best business intelligence, in one easy email…"