Compensation and tax benefits: compensation tax

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Presentation transcript:

Compensation and tax benefits: compensation tax

The question is: whether a "payment or service" is compensation? COMPENSATION TAX I.R.C. § 61 The Starting Point for a Compensation Tax Analysis Gross income means all income from whatever source derived, including (but not limited to) the following items….. I.R.C. § 61(a)(1): compensation for services, including fees, commissions, fringe benefits, and similar items The question is: whether a "payment or service" is compensation?

COMPENSATION TAX I.R.C. § 132(a) What is excluded from "Compensation"? § 132(a) excludes from gross income certain payments or services that might look like "compensation," but are really nontaxable fringe benefits: No-additional-cost service Qualified employee discount Working condition fringe De minimis fringe Qualified transportation fringe Qualified moving expense reimbursement Qualified retirement planning services But if it is not one of these then the payment to, or service on behalf of, the employee is includable in income

COMPENSATION TAX I.R.C. § 132(a) What is excluded from "Compensation"? Other certain fringe benefits also excluded from income: Group term life insurance Dependent care assistance Employee achievement awards Medical expense reimbursement plans Educational assistance programs

COMPENSATION TAX I.R.C. § 162 What falls within the "Compensation" bucket?

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