IRS Publishes Fringe Benefit Guide for Government Entities

​The IRS has updated Publication 5137 Fringe Benefit Guide, created to provide federal, state, and local government employers with a basic understanding of the federal tax treatment and reporting rules for various fringe benefits.

The publication covers:

• How to determine whether specific types of benefits or compensation are taxable.
• Procedures for computing the taxable value of fringe benefits.
• Rules for withholding federal income, Social Security and Medicare taxes from taxable fringe benefits.
• Reporting the taxable value of fringe benefits on Forms W-2, Wage and Tax Statement, and 1099-MISC, Miscellaneous Income.
• How to contact the IRS with questions on taxation and reporting requirements.