Compensation & Benefits Alert - November 2014
As 2014 draws to a close, we would like to remind you about the proper inclusion of fringe benefits in an employee's and/or shareholder's taxable wages. Fringe benefits are defined as a form of pay for performance of services given by a company to its employees and/or shareholders as a benefit. Fringe benefits must be included in an employee's pay unless specifically excluded by law. The actual value of the fringe benefits provided must be determined prior to December 31 in order to allow for the timely withholding and depositing of payroll taxes.