Fringe benefits and exclusions now described in comprehensive regulations
Article Abstract:
The IRS has issued Temporary and final Regulations concerning the valuation and taxation of fringe benefits and the exclusion of benefits from gross earnings. The Regulations concern the tax treatment of automobile use, chauffeur services, vehicle cents-per-mile, commuting valuation, noncommercial flights, eating facilities, and group-life insurance. The Regulations do not treat frequent flyer bonus programs and prizes and awards to employees; those subjects will be covered by subsequent regulations. The Regulations require employers to notify employees of: the special valuation rule the employer intends to use; the substantiation requirements that are applicable; and the penalties for failure to comply with substantiation requirements.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1989
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Restructuring plans to ensure continuing benefits
Article Abstract:
Retirement plans must meet three minimum participation standards delineated by Section 410 of the Internal Revenue Code to be qualified: minimum service and age requirements, maximum age requirements, and minimum coverage requirements. Firms usually limit plan participation to reduce administrative and funding costs. Small businesses have fewer employees, so they may be more susceptible to being found guilty of violating non-discrimination provisions. Small businesses may have to incur added expenses for extensive gathering of information and comprehensive testing, but they can still target their highly compensated executives with additional benefits, despite changes in plan requirements.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1991
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