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Video instructions and help with filling out and completing Federal fringe benefit statement form
In this presentation we will discuss fringe benefits items that we do not need to include in gross income for federal income taxes these items are important because any time that we have fringe benefits something like from an employer which we do not have to include in gross income calculations for federal income taxes then we're able to get a benefit without having to pay the taxes on it and that's beneficial for both employers and employees if we as an employer can pra benefit to our employees where they get to keep more of it and don't have to give part of the benefit we're giving them like wages we have they have to give some of that benefit to the government if we can give them something other than wedges of value and they don't have to have some of it taken from them and going to the government then that's beneficial to us for the employer because we're able to prmore value to our employees it's also beneficial of course to the employees and that's going to be kind of the point so these are some form or accounting information and accounting courses visit our website at accounting instruction dot info significant areas of course they're going to be very limited by the Internal Revenue Service and they're gonna be the Internal Revenue Service the government is very suspicious of course of any type of payment that is going to be received that is not included in gross income because this is an area where people can try to take advantage of that type of that type of area so there's going to be specific rules on what types of things can be given and included and those rules are typically gonna rely around either something being small or insignificant to taxes and so the IRS is not going to bother a waste their time trying to try to regulate that or trying to stop or regulate those small types of items or the government's trying to influence some type of behavior in some way so they want us to behave in some way so they give a tax incentive in order to do so fringe benefits must meet the non-discrimination rules and here's an example of the non-discrimination rules for example no additional cost services provided to an employee so an example of this is to give your employee some that doesn't cost you any more to do so and that happens with things that airline seats are there going to be the common example if we have if we're flying the plane anyways and there's some seats that are not taken then put filling those seats with employees doesn't cost the airline any more money so the airline isn't having any added cost if on the other hand the employee is taking someone else's seat or something like reserving a seat in advance that could be filled by someone else well.