Employee Discount Taxable Income

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Are Employee Discounts Taxable Income

Income tax – When a cash benefit is taxable, you have to deduct income tax from the employee's total pay in the pay period. Non-cash or near-cash benefits A non-cash (or “in kind”) benefit is the actual good, service, or property that you give to your employee.

Actived: Friday Jun 14, 2019

Link: https://travelgurudiscountcoupon.com/are-employee-discounts-taxable-income/

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Talking Tax: Employee discounts can be taxable income

By: Peter G. Robbins, CPA September 13, 2012 Comments Off on Talking Tax: Employee discounts can be taxable income Q: I have a small dental practice in Twin Falls. One of my dentist friends was recently audited by the IRS, and she and her employees had to pay additional tax because the employees and their families paid less than the normal rates for dental services.

Actived: Wednesday Sep 12, 2012

Link: https://idahobusinessreview.com/2012/09/13/talking-tax-employee-discounts-can-be-taxable-income/

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CRA under fire for new rule to tax employee discount

The employer guide said employee discounts are "not usually considered a taxable benefit," while the new folio indicates "the value of the discount is generally included in the employee's income." But a spokesperson for the CRA, Zoltan Csepregi, told The Globe and Mail in an e-mail that it is the new folio that is "correct and represents CRA's interpretation of the law."

Actived: Sunday Mar 24, 2019

Link: https://www.reddit.com/r/PersonalFinanceCanada/comments/75auia/cra_under_fire_for_new_rule_to_tax_employee/

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IRS guidance offers useful reminders about employee

The OCC, noting that the employee discount rate was more than 20% of the published rates, stated that the employer must include the excess discount in the employees' gross income as a taxable fringe benefit and withhold and pay employment taxes on that amount.

Actived: Friday Sep 1, 2017

Link: https://www.thetaxadviser.com/issues/2017/sep/irs-reminders-employee-discount-plans.html

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Are Employee Discounts Taxable - allspecialcoupons.com

Discounts in excess of the amounts allowed under Sec. 132(a)(2) are includible in the employee's taxable income. The qualified employee discount exclusion does not apply to property or services provided by a different employer through a reciprocal agreement to provide discounts to employees of the other employer.

Actived: Friday Jun 21, 2019

Link: https://allspecialcoupons.com/are-employee-discounts-taxable/

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Are Employee Discounts Taxable Income - getsetcoupon.com

IRS guidance offers useful reminders about employee FREE Get Deal The OCC, noting that the employee discount rate was more than 20% of the published rates, stated that the employer must include the excess discount in the employees' gross income as a taxable fringe benefit and withhold and pay employment taxes on that amount.

Actived: Sunday Jun 9, 2019

Link: https://www.getsetcoupon.com/are-employee-discounts-taxable-income/

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Fact check: Are employee discounts taxed, or not? - CTVNews

The Canada Revenue Agency has changed how it is interpreting existing tax law concerning taxable employee discounts. While the update has stakeholders concerned about the impact, the government

Actived: Wednesday Oct 11, 2017

Link: https://www.ctvnews.ca/politics/fact-check-are-employee-discounts-taxed-or-not-1.3627828

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Employee Discounts Taxable Income - allspecialcoupons.com

Discounts in excess of the amounts allowed under Sec. 132(a)(2) are includible in the employee's taxable income. The qualified employee discount exclusion does not apply to property or services provided by a different employer through a reciprocal agreement to provide discounts to employees of the other employer.

Actived: Saturday Jun 8, 2019

Link: https://allspecialcoupons.com/employee-discounts-taxable-income/

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Discounts on merchandise and commissions from personal

Discounts on merchandise and commissions from personal purchases If you sell merchandise to your employee at a discount, the benefit they get from this is not usually considered a taxable benefit. However, we consider discounts to be taxable in all the following situations:

Actived: Monday Nov 19, 2018

Link: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/discounts-on-merchandise-commissions-personal-purchases.html

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Employers' Guide – Taxable Benefits and Allowances

Income tax – When a non-cash or near-cash benefit is taxable, you have to deduct income tax from the employee's total pay in the pay period. Except for security options, if a non-cash or near-cash benefit is of such a large value that withholding the income tax will cause undue hardship, you can spread the tax you withhold over the balance of the year. We consider undue hardship to occur if

Actived: Saturday Jun 22, 2019

Link: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4130/employers-guide-taxable-benefits-allowances.html

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