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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 0 ||| Word Count: 19,106 ||| Review Questions: 0 ||| Final Exam Questions: 18 |
| CPE Credits : | 3.5 |
| IRS Credits : | 3 |
| Price : | $31.45 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2358 |
| Description : | The various ideas, methods, and techniques to optimize the overall compensation package for key employees and principals are examined in this employee compensation and benefits mini-course. Generally, businesses may deduct employees’ pay including wages, salaries, and other perks. Certain fringe benefits that can provide an unusually tax-favored manner of supplementing compensation are described and evaluated. In addition, equity participation is explored through stock sales, repurchase agreements, incentive stock options, ESOTs, stock options, and bonuses. Finally, deferred compensation arrangements are investigated. The goal of this mini-course is to provide participants with a working knowledge of the types of compensation necessary to structure a compensation package minimizing tax liabilities and cost. |
| Usage Rank : | 10000 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Workers’ Compensation: What It Is, How It Works, and Who Pays
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 20-Mar-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2358 |
| Keywords : | Taxes, Employee, Compensation, Benefits, Tax, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Tests for deducting pay to employees * Selected types of compensation * Payroll taxes * Selected fringe benefits * Interest-free & below-market loans * Equity participation * Advantages of nonqualified deferred compensation * Funded company account plans
2. Recognize employee and officer compensation deductibility factors and the related employment taxes and reporting obligations to ensure compliance with regulations. 3. Identify fringe benefits specifying those that provide deductible incentive-based employee compensation. 4. Specify the equity incentive opportunities available to employers showing the variety, tax treatment, and use of stock plans. 5. Recognize the use of deferred compensation agreements to attain compensation and retirement objectives. |
| Course Contents : | Chapter 1 - Employee Compensation and Benefits Wages, Salary & Pay Employee vs. Contractor Status Factors Tests for Deducting Pay to Employees Test #1 - Reasonableness Overall Limitation Allowance of Deduction Publicly Traded Corporation Limitation Limitation on Accrual Deduction Employment Contracts Scope of Examination Officer’s Compensation Factors Employee’s Qualifications Size of the Business Employee’s Compensation History Unreasonably Low Salaries Past Service Reasonable Dividends Bonuses as Constituting Dividends Payback Agreements Miscellaneous Factors Test #2 - For Services Performed Employee-Shareholder Salaries Selected Types of Compensation Awards Bonuses Employee Gifts of Nominal Value Education Expenses Fringe Benefits Life Insurance Coverage Welfare Benefit Funds Loans or Advances Property Restricted Property Sick & Vacation Pay Payroll Tax Withholding & Reporting Form 941 Deposit Rules Lookback Period Monthly Depositor Semi-Weekly Depositor One-Day Rule Forms 940, 943, 944, and 945 Form W-4 Form W-2 Form W-3 Social Security’s Payroll Taxes or FICA - §3111 & §3121 Rates FUTA - §3301 & 3306 Form 940 Selected Fringe Benefits No-Additional-Cost Services - §132(b) Covered Employees Line of Business Requirement Definition Qualified Employee Discounts - §132(c) Manner of Discount Real Estate & Investment Property Exclusion Amount of Discount Working Condition Fringes - §132(d) Covered Employees Exceptions Substantiation De Minimis Fringes - §132(e) Subsidized Eating Facilities Discrimination Employee Achievement Awards - §74(c) & §274(j) Exclusion Definition of Employee Achievement Awards Qualified Plan Award Employer Deduction Limits Aggregation Limit Special Partnership Rule Employee Impact Group Term Life Insurance - §79 Dependent Care Assistance - §129 Amount of Assistance Requirements Conflict with Dependent Care Cafeteria Plans - §125 Definition Qualified Benefits Non-Qualified Benefits Controlled Group Rules Salary Reduction Plans Nondiscrimination Meals & Lodging - §119 Income Exclusion Convenience of Employer Self-Insured Medical Reimbursement Plans - §105 Allowable Expenses Requirements Benefits Exposure Employee Educational Assistance Programs - §127 Employer-Provided Automobile - §61 & §132 General Valuation Method Annual Lease Value Method Computation Cents per Mile Method Commuting Value Method Interest-Free & Below-Market Loans - §7872 Permissible Discrimination Employee Needs Imputed Interest Types of Loans Demand Loans Term Loans Application of §7872 and Rate Determinations Summary Moving Expense Reimbursement - §217 Family & Medical Leave - §45S Qualified Transportation - §132(f) Employer-Provided Retirement Advice & Planning - §132 Financial Planning - §67 & §212 Popularity Taxation Tax Planning - §67 & §212 Taxation Estate Planning - §67 & §212 On-premises Athletic Facility - §132(j)(4)(B) ERISA Compliance Welfare Plans Additional Requirements Equity Participation Stock Transfers or Equity Grants Stock Sales or Unrestricted Stock Plan Stock Plans Stock Bonus ESOT Phantom Stock Advantages Comparison with Profit-Sharing Plans Repurchase or Restricted Stock Agreement Stock Options Section 83 Risk of Forfeiture Election Stock Appreciation Rights Plans Tandem Plans Qualified Incentive Stock Option Requirements Nonqualified Deferred Compensation Postponement of Income Advantages IRS Scrutiny & Approval Nondiscrimination ERISA Funding No Immediate Cash Outlay Annual Report Notice Requirement Purposes Benefit Formula Incentive Deferred Bonuses Tax Status Service’s Position Rationale Constructive Receipt Beyond Actual Receipt Simple Set-Asides Are Not Possible Revenue Ruling 60-31 Regulations Time & Control Concept Control Timing Economic Benefit Has Something of Value Been Transferred? Insurance Coverage Has a Calculable Value Segregated Funds Have Immediate Economic Value General Principles Unfunded Bare Contractual Promise Plan - Type I Risk Funded Company Account Plan - Type II Ownership & Segregation Bookkeeping Reserve or Separate Account Employee Bears Economic Risk Limited Protection Investment of Deferred Amounts Life Insurance Premiums Third Party Guarantees Segregated Asset Plan - Type III Section 83 Approach Tight Rope Format Transferable or Not Subject To A Risk of Substantial Forfeiture Substantial Restrictions Redemption or Forfeiture Condition Related to a Purpose of the Transfer Noncompetition Consultation Time Alone is not Enough Realization & Taxation 30-Day Election Period Deduction Allowed Timing Withholding Tax Consequences Reciprocal Taxation/Deduction Rule No Difference for Cash or Accrual Separate Accounts for Two or More Participants Income Tax on Employer Held Assets Glossary |
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