Under the Internal Revenue Code (IRC), all compensation and benefits received by an employee from their employer are considered taxable unless an exclusion applies. Many employers are aware that health benefits, such as health insurance coverage, can be provided to employees on a non-taxable basis, but may not know that the IRS provides other avenues for employees to receive tax-exempt benefits in the form of \u201cqualified fringe benefits.\u201d<\/p>\n
Fringe benefits are\u00a0a\u00a0category\u00a0of\u00a0compensation\/benefits\u00a0provided by employers to employees in addition to their regular wages.\u00a0Examples of this\u00a0may include\u00a0assistance\u00a0programs or other non-monetary benefits\u00a0that\u00a0in some cases\u00a0qualify for\u00a0favorable tax treatment under\u00a0the\u00a0IRC.
\nAlthough many employers wish to offer these types of additional benefits to employees, navigating the tax implications and potential requirements of these plans can be challenging.<\/p>\n
During this one-hour refresher, the Regulatory and Legislative Strategy Group\u00a0will\u00a0review\u00a0many\u00a0considerations and\u00a0address\u00a0commonly asked questions related to\u00a0some\u00a0fringe benefits<\/strong> including\u00a0life and disability plans, commuter benefits,\u00a0lifestyle spending accounts (LSAs)\u00a0and more. The team\u00a0will\u00a0also\u00a0address\u00a0funding arrangements for fringe benefits and their\u00a0connection to\u00a0ERISA and\u00a0COBRA.<\/p>\n <\/p>\n