Fringe benefit notice dropped in final Regs
Article Abstract:
The IRS has released final Regulations that clarify the provisions of Sections 61 and 132, with respect to the application of special-valuation rules to fringe benefits. The regulations effectively dispense with the requirement that employees be notified by employers whenever special valuation is applied to fringe benefits. Furthermore, the regulations specify that special valuation cannot be used unless the benefit is treated as a wage or is included by the employee in gross income. Otherwise, the general valuation rules, which are based on a facts-and-circumstances approach to the valuation of fringe benefits, must be applied. The final regulations are effective from Dec 30, 1992 and may be applied for benefits given after 1988.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1993
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Several choices for excess plan contributions
Article Abstract:
The introduction of Section 420 now permits the transfer of excess contributions in qualified plans to a health plan. Eligible to receive medical benefits are those employees who are also entitled to retirement benefits, and their spouses and dependents. Employers may also seek to reverse excess contributions to qualified plans provided that they meet certain requirements set by the IRS.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1991
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