Can cash ever be a de minimis fringe benefit?
Cash is generally intended as a wage, and usually provides no administrative burden to account for. Cash therefore cannot be a de minimis fringe benefit, with one exception:
Occasional meal or transportation money to enable an employee to work overtime. The benefit must be provided so that employee […]
In general, 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.
In determining whether a benefit is de minimis, you should always consider its frequency and its value. An essential element of a de […]
The IRS –applying the concept of de minimis non curat lex (the law is not interested in trivial matters)– allows exemptions for De Minimis Fringe Benefits: 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 […]
In a 14 July post, TaxGirl reports small purchases for which a Tax Return has to be filed for each purchase.
June
Total purchases: $3.95
Total tax owed for June: $ .28
May
Total purchases: $16.83
Total tax owed for May $1.18
April
Total purchases: $ .99
Total tax owed for April $ .07
March
No purchases
Total tax owed for March 0
February
Total purchases $8.84
Total tax owed […]
Having just gone through the annual drudgery of filing your tax returns, you should examine your conscience and ask yourself the question: Have I optimized my tax return (tax avoidance) or have I put myself at risk (tax evasion)?
Tax avoidance is an ex ante (before the fact) situation. It is legal and is […]
It is the day after the deadline for filing tax returns. It is also the best time to prepare for the 2009 filing. Your filing woes, “should have done this & that,” misplaced documents, unreceived / unretrieved forms, are still fresh in your mind.
Learn from these and remember them and do not let […]
Tax avoidance is an ex ante (before the fact) situation. It is legal and is good business practice. You need a good Tax Lawyer (there’s one at Tax Girl) and an experienced accountant. Both can do tax planning for you or your business, e.g., income recognition & reporting, applicable tax rates, allowable […]
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