Taxable Fringe Benefit Review
Do you allocate a portion of your budget to pay for your employee’s uniforms, vehicle use and cell phone usage? Most government entities do. And if you aren’t reporting these line items to the IRS, get ready to pay up; you could be fined – in a big way – for neglecting to pay taxes on these fringe benefits. Believe it or not, it’s pretty common for large and small agencies to forget to claim the fringe benefits they regularly provide their employees, which ultimately results in costly fines.
Take a proactive approach to ensure that your public agency or institution remains in good standing with the IRS. As a result, you could see astronomical savings and avoid future budget deficits. A complete tax compliance review will help you identify taxable fringe benefits and determine your best course of action for reporting this information to the IRS.
Email Rea & Associates to find out what solutions we can offer to address your specific challenges.