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A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
On Monday, I went on the Doug Stephan Show to express my outrage over a new plan by the IRS to start taxing employer-provided cell phones as a fringe benefit. Doug and I enjoyed a fun session of ...
"The IRS is proposing that employers declare 25 percent of an employee's annual cell phone expenses as a. FierceWireless reports that the Internal Revenue Service is mulling a plan to tax employer ...
(As a general rule, a U.S. Federal statute can be repealed only by another statute subsequently enacted by the U.S. Congress.) The change was a change in the enforcement policy of the Internal Revenue Service to conform to the literal language of the statute and the court decisions interpreting the statute.
Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162(a)), is part of United States taxation law.It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1]
The Internal Revenue Service (IRS) ruled that employees at an unnamed company can designate a portion of their employer match to student debt repayments or health reimbursement accounts, in ...
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
Anticipating this problem, those drafting the regulations created a set of valuation standards for companies. The code provided a way for companies to achieve a safe-harbor valuation. A safe-harbor valuation is one where the IRS must accept the valuation as valid unless the IRS can demonstrate that the valuation is "grossly unreasonable".