Fringe Benefits or Employee Benefits

Employee benefits are generally included in an employee’s gross income (there are some exceptions). The benefits are subject to income tax withholding and employment taxes. Employee benefits include cars and flights on aircraft that the employer provides, free or discounted commercial flights, vacations, discounts on property or services, memberships in country clubs or other social clubs, and tickets to entertainment or sporting events.

In general, the amount the employer must include is the amount by which the fair market value of the benefits is more than the sum of what the employee paid for it plus any amount that the law excludes. There are other special rules that employers and employees may use to value certain fringe benefits. See Publication 15-B, Employers’ Tax Guide to Fringe Benefits, for more information. Employee benefits also referred to as fringe benefits come in many different ways, and each must be looked at separately which is why you should have a Tax Professional review your returns. Contact Alexander Tax Defense to to schedule a consultation 833.829.8299.

At Alexander Tax Defense, it is our goal to help prevent the IRS and State from collecting your money.  We have over half a century of combined experience helping taxpayers who have contention with Federal and Local tax authorities.  With our assistance, you will be equipped to combat these agencies who wish to take as much of your capital as they are legally able.  DON’T LET THEM TAKE YOUR MONEY!



Originally posted 2017-09-28 03:52:07.

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