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

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.

BREAKING DOWN '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.

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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. When should my tax refund arrive?

    More than 90% of income-tax refunds arrive in less than three weeks, according to the Internal Revenue Service (IRS). However, ... Read Full Answer >>
  4. How do I file taxes for income from foreign sources?

    If you are a U.S. citizen or resident alien, your income (except for amounts exempt under federal law), including that which ... Read Full Answer >>
  5. Are Flexible Spending Account (FSA) items tax deductible?

    Flexible Spending Accounts (FSAs) are employer-sponsored, tax-favored savings plans expressly for the future reimbursement ... Read Full Answer >>
  6. How Long Should I Keep My Tax Records?

    The Internal Revenue Service (IRS) has some hard and fast rules regarding how long taxpayers should keep their tax records. As ... Read Full Answer >>
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