Year-end Tax Tips: Part 3

In our first and second installments of year-end tax tips we focused on employee/employer data and then wage, tax and benefits data. Today we look specifically at fringe benefits.

Make sure you verify the proper withholding for taxable fringe benefits, which include:

• Group-term life insurance in excess of $50,000.
• Third-party sick pay (is the third party issuing a W-2?).
• Personal use of company vehicle.
• Non-qualified moving expense reimbursements.
• Company-provided transportation or parking.
• Employer-paid education not related to the employee’s job.
• Bonuses/Holiday bonuses.
• Employer paid accident & health insurance premiums for S-corp owners.

Check back on Friday for our final installment featuring tips on special procedures.

To find out more about how SurePayroll can alleviate your tax preparation hassles, explore SurePayroll.com.