Employee Fringe Benefits
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1 Employee Fringe Benefits 1111
2 Employee Fringe Benefits by Donna B. Caffo, CPA This course is provided solely for continuing education purposes. Accountants Education Group makes no absolute assurance that the information contained in this course is comprehensive, nor do we warrant that the course matter will be suited to the particular needs of the course participant or his/her clients. In addition, the information in this course should not be deemed a substitute for individual research of the original, or subsequently issued, sources of authority. In preparing this course, Accountants Education Group does not render any accounting, legal, or other professional advice, nor do we claim or recognize any responsibility to update or revise any courses or publications we present, publish, or distribute , Accountants Education Group All Rights Reserved.
3 Instructions Thank you for choosing Accountants Education Group to be your continuing education provider. Please read these instructions carefully before you begin. This will help you to complete your course without delay. Your Order Number Your order number is found on the upper right hand corner of the invoice included with this course. Please make a note of this number. You will use this number for all correspondence regarding this course. 1. Study the Text Read each chapter. Review the course material by answering the review questions at the end of each chapter. Answers to the review questions are located near the end of the course. You are not required to return the review questions to us. 2. Complete the Final Exam If you wish to receive CPE credit for this course, you must complete the answer sheet and evaluation form included with this course. A passing grade requires 70% of the questions answered correctly. Complete the Final Exam Online The easiest and most convenient way to complete the final exam is online at Click on the Complete My Exam link, enter the order number (not your customer number) and the last name as shown on the order. This will lead you to the online answer sheet and evaluation form. Your exam will be graded immediately and a certificate of completion will be presented for you to print for your records when you have passed the exam. Mail or Fax the Final Exam If you cannot complete your exam online, you may mail your answer sheet and evaluation form for grading. Complete the forms at the back of this course and mail to: Accountants Education Group Grading Department 8111 LBJ Freeway, Suite 1345 Dallas, TX If you cannot complete your exam online, you may fax your answer sheet and evaluation form to for grading. Your order number must be written on the answer sheet. Failure to include your order number may result in a delay of the grading of your exam. Grading of the exams normally takes two business days from our receipt of the exam. A certificate of completion and answer key will be mailed to you after the exam is graded.
4 Personal Express Service If you are working against a deadline and cannot complete your exam online, you may arrange for our personal express service for an additional fee. Fax the Same-Day Grading Transmittal Sheet located at the back of this course with your answer sheet and evaluation form to us by 12:00 pm Central Time, and you will receive pass/fail status on that same day. You will also receive a faxed copy of your certificate of completion that same day. The original is mailed to you. This service is only available when charged to a credit card. Certificate of Completion Once you have successfully completed the final exam, a certificate of completion will be issued to you. If you complete the exam online, the certificate will be presented for you to print and download for your records. If you mail or fax the exam, the certificate will be mailed to you. This is the only certificate of completion you will receive. This should be saved for your records. If you should misplace or lose your certificate, Accountants Education Group maintains a record of your exam and will reissue a certificate upon your request for a nominal processing charge. Refunds Upon written notification to Accountants Education Group within thirty days of receipt, this course may be exchanged or returned for a refund, excluding shipping. All materials must be returned unused for this refund policy to apply. Enrollment Period Because new income tax laws, regulations, and official accounting and auditing pronouncements may have a broad impact on the content of this course, you must complete the course within one year of receiving the materials. After that time, it is possible that the course content will not meet required CPE guidelines. NOTE: These course materials were revised in November of You have one year from the date of purchase to complete this course.
5 Fringe Benefits Table of Contents Learning Objectives...1 Chapter 1 Fringe Benefits Under IRC Section Introduction...3 No Additional Cost Services...3 Qualified Employee Discounts...7 Working Condition Fringe Benefits...9 De Minimis Fringe Benefits...11 On Site Athletic Facilities...15 Employer Provided Qualified Transportation...16 Qualified Moving Expense Reimbursements...18 Qualified Retirement Planning Services...19 Chapter 1 Review Questions...21 Chapter 2 Assistance Programs, Achievement Awards, and Military Benefits...23 Dependent Care Assistance Programs...23 Educational Assistance Programs...28 Educational Assistance Plans Outside Section Qualified Tuition Reduction Programs...31 Adoption Assistance Programs...32 Employee Achievement Awards...33 Military Benefits...35 Chapter 2 Review Questions...37 Chapter 3 Meals and Lodging...39 Introduction...39 Clergy Housing...43 Clergy House and Self-Employment Taxes...45 Chapter 3 Review Questions...47 Chapter 4 Accident and Health Plans and Other Forms of Insurance...49 Introduction...49 Penalty for employers not offering health care coverage...49 Inclusion of Cost of Employer-Sponsored Health Coverage on W Non Discrimination Rules...57 Continued Coverage For Group Health (COBRA)...59 Health Insurance Portability...62 The Archer Medical Savings Account...63 Health Savings Accounts (HSAs)...64 Group Term Life Insurance...66 Split Dollar Life Insurance...71 Chapter 4 Review Questions...73 Chapter 5 Employer Provided Transportation...75 Introduction...75 Working Condition Fringe Benefit...75 i
6 Valuation of Personal Use...75 Employee Use of Own Vehicle...82 Car Salespersons...82 Substantiation Requirements...84 Withholding Requirements Substantiation Requirements...85 Chapter 5 Review Questions...89 Chapter 6 Cafeteria Plans...91 Introduction...91 Written Plan...92 Change/Revocation of Elections...93 Eligibility to Participate...94 Tax Treatment...94 Non Discrimination Rules...95 Reporting Requirements...98 Flexible Spending Accounts...98 Chapter 6 Review Questions Chapter 7 Retirement Plans Introduction Pension Plans Profit Sharing Plans General Retirement Plan Qualification Requirements SIMPLE Retirement Accounts (k) Plans SIMPLE 401(k) Plans Rollovers Chapter 7 Review Questions Review Question Answers Glossary Index Final Examination Questions ii
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