Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-02-2009, 10:28 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,400
Blog Entries: 3
What are De Minimis Fringe Benefits?

According to the IRS, "a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical."

Furtherm the IRS has stated that De minimis benefits are excluded under Internal Revenue Code section 132(a)(4) and include items which are not specifically excluded under other sections of the Code. The IRS has specifically provided these items as follows:

1. Controlled, occasional employee use of photocopier.

2. Occasional snacks, coffee, doughnuts, etc.

3. Occasional tickets for entertainment events.

4. Holiday gifts.

5. Occasional meal money or transportation expense for working overtime.

6. Group-term life insurance for employee spouse or dependent with face value not more than $2,000.

7.Flowers, fruit, books, etc., provided under special circumstances.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Benefits of LLC’s over S-Corporations TaxGuru General 2 11-26-2011 06:58 AM
Bicycle commuters get a tax free fringe for 2009! TaxGuru For 2008 0 10-09-2008 02:47 PM
What "Fringe Benefits" are permitted by the IRS? Mark Phillips C-Corporation 1 03-20-2008 03:32 PM
What are the benefits of Incorporating? knazar Sole-Proprietorship 0 03-14-2008 01:01 PM
2007 Changes to Qualified Transportation Fringe Benefit TaxGuru Miscellaneous 0 12-01-2007 11:00 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning