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APA's Top Payroll Questions & Answers for 2020

Service awards (IRS)

Taxable and Nontaxable Compensation

Q.

We provide service awards to employees after 10 and 20 years
of service. These awards are usually in the form of a television or
weekend vacation. I know IRS rules consider these awards as income.
When are we required to withhold the taxes? Do we withhold the entire
tax obligation from the next pay period following the award, or can we
withhold over a number of pay periods?

A.

In general, taxable fringe benefits are subject to withholding when they
are made available. An employer may elect to treat taxable noncash
fringe benefits as paid in a pay period or on a quarterly, semiannual,
or annual basis, but no less frequently than annually. An employer
may elect to add taxable fringe benefits to employees' regular wages
and withhold on the total, or may withhold on the benefit, at the
supplemental wage rate of 22%. The 22% rate is in effect for tax years
beginning after 2017 and before 2026.
Under a special accounting rule, noncash fringe benefits provided
in November or December (or in the last two months of the year, if it
is a shorter period), may be treated as paid in the following year. An
employer may only treat the value of benefits provided during the last
two months as paid in the subsequent year. An employer does not
have to notify the IRS when using the special accounting rule. There is
more about the special accounting rule in Announcement 85-113 and in
Treas. Reg §1.61-21(c)(7).

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APA's Top Payroll Questions & Answers for 2020

Table of Contents for the Digital Edition of APA's Top Payroll Questions & Answers for 2020

Table of Contents
APA's Top Payroll Questions & Answers for 2020 - Intro
APA's Top Payroll Questions & Answers for 2020 - Cover1
APA's Top Payroll Questions & Answers for 2020 - a
APA's Top Payroll Questions & Answers for 2020 - b
APA's Top Payroll Questions & Answers for 2020 - c
APA's Top Payroll Questions & Answers for 2020 - Table of Contents
APA's Top Payroll Questions & Answers for 2020 - e
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