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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  6. What types of regulations are in place regarding fringe benefits?

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