The session provides an overview of typical compensation types, including qualified retirement plans, bonuses, deferred compensation, and fringe benefits. We introduce participants to rules relating to employee income inclusion, employer tax deductions, and the timing of each. Through review and examples, participants will learn to identify tax compliance issues. We include a few very limited comments on book-tax differences. Because, generally, all clients have compensation & benefits , the session will help those who have not taken a compensation and benefits course to gain a general understanding of these items but may also be a good refresher for those who have not dealt with compensation & benefits issues recently.
Recognize typical examples of employee compensation and benefits
Indicate differences in taxation timing for different types of benefits
Identify the general tax consequences of various benefits