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Detailing Transportation Fringe Benefits (HRM461U)

Presented by: Vicki M. Lambert, CPP
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Pre Recorded Webinar
90 minutes
Event Description
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1.5 Credits
1.5 PDC - AudioSolutionz is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM
1.0 CPE

Understanding Transportation Fringe Benefits to Achieve Payroll Compliance

Fringe benefits, including transportation fringe benefits, are an integral part of a compensation package for employees today. When determining what fringe benefits should be provided, the first question that usually arises is "how are we going to do it". Nonetheless, your task doesn't stop once that question is answered and the fringe benefit is provided. When providing transportation fringe benefits the very next question that must be answered before that employee starts that new car, pulls into the parking space or hops on the bus is---what are the IRS taxation and reporting requirements?

The Internal Revenue Code has strict guidelines on the taxation and reporting of transportation fringe benefits that must be adhered to in order to avoid audits and penalties.  The definition of transportation fringe benefits ranges from providing a company car, paying for bus passes and parking spots to providing a bicycle and may even include the time spent on a private company plane. Additionally, the taxation requirements can be just as varied-from no taxation to the required use of algebraic formulas.

This session by expert speaker, Vicki Lambert, CPP, will give you a detailed understanding of transportation fringe benefits and IRS taxation and reporting requirements to achieve payroll compliance in your organization.

This webinar will discuss the taxation of different types of fringe benefits related to transportation, including:

  • The personal use of a company car;
  • Proper accounting and taxation of auto allowances;
  • Personal use of a company aircraft; and
  • The IRS 132 fringe benefits such as parking and mass transit passes.

Session Highlights:

  • The 4 allowable methods to calculate the personal use of a company car.
  • How to calculate the taxable wages for the personal use of a company vehicle using one of the four accepted IRS methods.
  • When an auto allowance is considered taxable wages and when it is not.
  • IRS 132 transportation fringe benefits including parking, bus passes and tokens and bicycles-when to tax and when not too-what are the limits
  • Calculating the personal use of a company aircraft even if there is a business trip involved somewhere

Who should attend?

  • Payroll professionals
  • Human Resources
  • Accounting Personnel
  • Business Owners
  • Lawmakers
  • Attorneys
  • Any individual or entity that must deal with the intricacies of taxing and reporting of Transportation Fringe Benefits in the payroll environment.
About Our Speaker(s)

Vicki M. Lambert | Payroll Training SpeakerVicki M. Lambert CPP
Vicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a sought-after and respecte... More info

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    Event Title: Detailing Transportation Fringe Benefits
    Presenter(s): Vicki M. Lambert, CPP

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