Wednesday, December 2, 2020

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Accounting

What type of fringe benefits can a business offer to employees?

1/1/2020

ALICIA SHAUL
CPA MBA

Offering fringe benefits to employees is an excellent way to help attract and retain great staff, improve employee morale, and create tax deductions for the business. There are a variety of fringe benefits that businesses can offer to employees. These include but are not limited to:

• Accident, health and life insurance benefits
• Adoption and day care assistance
• Cafeteria plans
• Discounts
• Educational assistance programs
• De Minimis and no additional cost fringes
• Pension plan contributions
• Meals and lodging for employer convenience

The nature of the benefits being offered should be documented in the employee manual, and some benefits can have anti-discrimination requirements. Please consult with a human resources expert for guidance in implementation of fringe benefit programs.

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