United States

What independent schools need to know about fringe benefits

Understanding tax ramifications vital to successful benefit programs

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From tuition waivers to section 457(f) deferred compensation plans, independent schools rely on a variety of fringe benefits to attract and retain employees. Fringe benefits: sweet, but known to bite, explores the tax ramifications that these schools must understand to keep their plans from subjecting themselves and their employees to unwelcome scrutiny, greater tax liabilities and, in some cases, IRS penalties.

Fringe benefits: sweet, but known to bite explores key tax issues, including rules concerning highly compensated employees, surrounding a variety of fringe benefits commonly offered by independent schools, including:

  • Tuition waivers
  • Working condition fringe benefits (such as automobiles)
  • De minimis fringe benefits, such as free or discounted meals
  • No-additional-cost benefits
  • Qualified employee discounts
  • Section 457(f) deferred compensation plans

Read Fringe benefits: sweet, but known to bite today to learn how to keep unexpected tax issues from eroding the benefits of your fringe benefit offerings.

Article is reprinted, with permission, from Net Assets magazine, published by the National Business Officers Association (www.nboa.org).  

AUTHORS


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Bob Billig
Partner
National Practice Leader
866.239.8790


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Muse Newsletter
A bi-monthly publication dedicated to providing ideas and education to tax exempt organizations.

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Provides organizations with valuable benchmarking information on a real-time basis.


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