Fringe benefit notice dropped in final Regs

Article Abstract:

The IRS has released final Regulations that clarify the provisions of Sections 61 and 132, with respect to the application of special-valuation rules to fringe benefits. The regulations effectively dispense with the requirement that employees be notified by employers whenever special valuation is applied to fringe benefits. Furthermore, the regulations specify that special valuation cannot be used unless the benefit is treated as a wage or is included by the employee in gross income. Otherwise, the general valuation rules, which are based on a facts-and-circumstances approach to the valuation of fringe benefits, must be applied. The final regulations are effective from Dec 30, 1992 and may be applied for benefits given after 1988.

Finance, taxation, & monetary policy

---

Several choices for excess plan contributions

Article Abstract:

The introduction of Section 420 now permits the transfer of excess contributions in qualified plans to a health plan. Eligible to receive medical benefits are those employees who are also entitled to retirement benefits, and their spouses and dependents. Employers may also seek to reverse excess contributions to qualified plans provided that they meet certain requirements set by the IRS.

Qualified benefit plans

---

Similar abstracts:

• Abstracts: Taxpayers may benefit from early changes of accounting method. Even corporations can still realize tax savings from partial liquidations
• Abstracts: An analysis of intertemporal pricing for forward foreign exchange contracts. Expectations of exchange rates and differential inflation rates: further evidence on purchasing power parity in efficient markets
• Abstracts: Costs and benefits of IT projects. Report of a joint working party. TR 773 - A discussion paper issued by the Institute's Technical Committee: The Use of Discounting in Financial Statements
• Abstracts: Growth in volumes. Powers of persuasion
• Abstracts: Strategic momentum: the effects of repetitive, positional, and contextual momentum on merger activity. Strategic business fits and corporate acquisition: empirical evidence

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.