1040 Preparation and Planning 3: Gross Income: Employee Compensation and Fringe Benefits (2020)

Author: Sidney Kess, Barbara Weltman

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC

This on-demand course, the third in the 1040 Preparation and Planning series, covers gross income and different inclusions and exclusions, as well as reporting wages and benefits, taxable benefits, and benefits excluded from income.

Publication Date: November 2019

Designed For
CPAs, Enrolled Agents; Tax Return Preparers; Tax Attorneys; Tax Practitioners

Topics Covered

  • Compensation for Personal Services
  • Form W-2 Reporting and Withholding
  • Foreign Earned Income Exclusion
  • Life Insurance Premiums Paid by Employers
  • Meals and Lodging Furnished to Employee
  • Employer's Contributions to Employee Retirement Plan
  • Pensions and Retirement Pay Received
  • Loans from Qualified Retirement Plans
  • Medical Insurance and Reimbursement Plans
  • Dependent Care Assistance Plans
  • Employer-Provided Educational Assistance
  • Employer-Provided Adoption Assistance
  • Other Fringe Benefits
  • Clergy's Rental Allowance and Living Quarters
  • Veterans and Members of the Armed Forces

Learning Objectives

  • Report compensation in whatever form it is paid
  • Discuss entries on Form W-2 as it relates to the income tax return
  • Identify various types of employee benefits plans
  • Recognize which benefits are taxable and which benefits are excludable from income

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic understanding of Federal Tax Law

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $44

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