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February 11, 2020

Updated Tax Publications to Assist Employers

Several IRS publications have recently been updated for use in 2020 that may be of interest to employers.

Employer's Tax Guide. IRS Publication 15  provides an overview of requirements relating to withholding, depositing, reporting, paying, and correcting employment taxes. There are two supplements to IRS Publication 15 that provide a more detailed overview of taxation of employer provided benefits:

  • Employer's Supplemental Tax Guide (Publication 15-A) provides detailed employment tax information such as determining classification of individuals as employees or independent contractors, determining what constitutes taxable wages or sick pay and how to report such amounts, as well as reporting pension or annuity payments.
  • Employer’s Tax Guide to Fringe Benefits (Publication 15-B) provides information for employers on the tax treatment of various fringe benefits including health care coverage, health savings accounts, qualified small employer health reimbursement arrangements (QSEHRA), cafeteria plans, dependent care assistance plans, educational assistance plans, qualified transportation benefits, group term life insurance coverage, among other types of benefits.

Medical and Dental Expenses.  For certain purposes, Publication 502 can be used to determine expenses that are reimbursable from plans such as flexible medical spending accounts and health savings accounts; though, it is important to note that there are differences between deductible expenses and those reimbursable from such plans. 

The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.

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