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Employers: Annual Update of Government-Required Fringe Benefit Reporting


12/3/14

Synopsis

Employers are required to report to the government certain information related to fringe benefits paid for or provided by an employer to its employees as such information has taxable compensation implications to employees on year-end wage reports.

CohnReznick has prepared a summary to assist you in staying up to date on these year-end reporting requirements and has included worksheets within the summary provided that are designed to identify and capture such information.

Access the summary.
 
Which Items Must Be Reported?
 
Common examples of such fringe benefits include:

  • Personal use of employer provided vehicles
  • Health insurance paid on behalf of a more than two percent shareholder of an S corporation
  • Group term life insurance in excess of $50,000
  • Non-accountable reimbursements and expense allowances
     

These fringe benefits must be included in Form W-2 wages.

Who Reports This Information?

Please forward this memo to the appropriate personnel in your organization who is responsible for ensuring proper reporting of wage and compensation information to the government. You will need to provide the information to your payroll data processing service if you use one. Alternatively, you may contact your CohnReznick client service professional and we will assist you with proper and required reporting.

Contact

For more information, please contact your CohnReznick client service professional for additional guidance.


Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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