IRS Publication 15-B - Employer's Tax Guide to Fringe Benefits

AAA

DEFINITION of 'IRS Publication 15-B - Employer's Tax Guide to Fringe Benefits'

A document published by the Internal Revenue Service that provides employers with guidance on how to account for fringe benefits when filing tax documents. Fringe benefits are non-cash benefits provided to persons who perform services to a business, and can include perks such as the use of a company car. For employees, the value of any fringe benefit is reported on the W-2. For non-employees, the value of benefits should be reported on Form 1099-MISC or Schedule K-1.

INVESTOPEDIA EXPLAINS 'IRS Publication 15-B - Employer's Tax Guide to Fringe Benefits'

Fringe benefits are considered taxable items by the IRS, but there are exceptions. Some cafeteria plan benefits, typically those involving health care for employees, are still considered to be pre-tax (and thus exempt from income tax withholding) provided that the receiving employee is not highly-compensated or a key person in the company.

RELATED TERMS
  1. IRS Publication 15 - Employer's ...

    A document published by the Internal Revenue Service detailing ...
  2. W-4 Form

    A form completed by an employee to indicate his or her tax situation ...
  3. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  4. Federal Income Tax

    A tax levied by the United States Internal Revenue Service (IRS) ...
  5. Cafeteria Plan

    An employee benefit plan that allows staff to choose from a variety ...
  6. W-2 Form

    The form that an employer must send to an employee and the IRS ...
RELATED FAQS
  1. How are fringe benefits calculated?

    Nearly all employers incur costs related to their employees beyond just their wages. Many of these costs are considered "fringe" ... Read Full Answer >>
  2. Are fringe benefits deductible for the employer?

    A fringe benefit is any non-wage form of compensation and is usually offered by an employer as both an employee incentive ... Read Full Answer >>
  3. Can I get a tax credit from conducting research and development?

    It is possible for a company to qualify for a research and development tax credit for conducting research and development. ... Read Full Answer >>
  4. How does neoclassical economics relate to neoliberalism?

    While it may be likely that many neoliberal thinkers endorse the use of (or even emphasize) neoclassical economics, the two ... Read Full Answer >>
  5. What are the main risks to the economy of a country that has implemented a policy ...

    The main risk to the economy of a country that has implemented a policy of austerity is the potential for a self-reinforcing, ... Read Full Answer >>
  6. What are the major laws (acts) regulating financial institutions that were created ...

    Presidents George W. Bush and Barack Obama, in conjunction with Congress, signed into law several major legislative responses ... Read Full Answer >>
Related Articles
  1. Taxes

    Changes In Tax Legislation And Regulation

    Keeping on top of these amendments can help you avoid penalties and take advantage of benefits.
  2. Taxes

    IRA Contributions: Deductions and Tax Credits

    We outline the incentives and help you take full advantage of the benefits.
  3. Taxes

    Deducting Your Donations

    Generosity may be its own reward, but some charitable giving also provides personal tax benefits.
  4. Options & Futures

    Benefit Issues When Your Employer Goes Bankrupt

    There are some safeguards in place to ensure that health benefits don't just disappear when a plan is canceled.
  5. Economics

    What is a Resident Alien?

    A resident alien is a foreigner who is a permanent resident of the country in which he or she resides but does not have citizenship.
  6. Economics

    Explaining Protectionism

    Protectionism is government measures that limit imports into a country to protect commerce within that country against foreign competition.
  7. Taxes

    Have Household Help? Don't Get In Tax Trouble

    Hiring household workers can be a complicated process. Know what the government requires so you can prevent penalties and problems down the road.
  8. Taxes

    Estate Planning for a Surviving Spouse

    Estate planning for surviving spouses can be difficult for a number of reasons, so it's important to have good support and financial advice.
  9. Professionals

    How the Advisor Compensation Debate Helps Clients

    The debate over compensating advisors is not likely to be resolved anytime soon, but clients should win with lower fees and better services.
  10. Professionals

    Gay Marriage Ruling: Its Impact on Estate Planning

    Same-sex couples now face the same legal and financial issues as heterosexual couples; some may need to adopt simpler, more mainstream financial plans.

You May Also Like

Hot Definitions
  1. American Dream

    The belief that anyone, regardless of where they were born or what class they were born into, can attain their own version ...
  2. Multicurrency Note Facility

    A credit facility that finances short- to medium-term Euro notes. Multicurrency note facilities are denominated in many currencies. ...
  3. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  4. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  5. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  6. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!