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Turkey Day Tax Trivia

Posted on November 24, 2010 by Leasa Magnuson in Business Tax

The IRS has determined that employee benefits that are small and unreasonable or administratively impractical to account for are De Minimis Fringe Benefits. Examples are coffee & donuts, flowers, occasional typing of personal letters by a secretary and a turkey! So go ahead and give your employees a turkey for Thanksgiving! You won’t need to include it in their W-2 and they will think of you tomorrow as they eat their bird.

Enjoy your holiday from all of us at SMS CPAs!

De Minimis Fringe Benefits

One comment on “Turkey Day Tax Trivia”

  1. Tweets that mention Turkey Day Tax Trivia | Spangler, Magnuson & Signorelli CPAs -- Topsy.com says:
    November 24, 2010 at 10:26 am

    […] This post was mentioned on Twitter by Jody Padar , Leasa Magnuson. Leasa Magnuson said: New blog post: Turkey Day Tax Trivia http://www.nococpas.com/blog/2010/11/turkey-day-tax-trivia/ […]

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Testimonials

Leasa Magnuson was there when we needed her.

An unexpected audit on our returns was triggered by an unfortunate investment loss. All of the horror stories we had heard about came to the top of our minds and the adrenaline started pumping. We had never been through an IRS audit and didn’t know what to expect. We gathered all of the information requested. Leasa reviewed what we had, suggested a few more items and then we dropped off the requested supporting documents to the IRS several days prior to the audit. Promptly at 9:00 a.m. on audit day Leasa was there to support me and answer the grueling questions I was sure would come from the investigator.

Before we had a chance to take the hot seats in the investigator’s office, we were told that they had reviewed our documentation and we were given a "no change" verdict – which means everything checked out. We were free to leave.

I am confident Leasa’s council, review, and organization of our documentation and giving the IRS advanced time to review the information led to the positive outcome.

We are very lucky to have her on our team and will continue to use Leasa in the future.

Anita & Mike Kelly

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