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Doesn't the IRS require reporting and tax payment for these non-cash fringe benefits?
by gamegoblin 8y ago
Doesn't the IRS require reporting and tax payment for these non-cash fringe benefits?
- candiodari 8y agoSure but they're never 100% fringe benefits. A director "has" to drive around meeting people. Customers/partners, hell even IRS representatives. So the car is taxed at 10%, because only 10% is used privately. Even that doesn't help because "taxed" in this case is a big word for "taken out of what the company pays the person". Which means the company pays in situations where the person controls the company, for obvious reasons.