If you’re a Coeur d’Alene LLC taxed as a partnership or sole proprietor, your fringe benefits are generally considered guaranteed payments or other compensation for income and self-employment tax purposes.
Naturally, there are exceptions to the general rules. Certain fringe benefits aren’t taxable, instead, they are given the same tax treatment as non-owner/employees.
CDA LLC fringe benefits not subject to taxes:
- Cell phones, provided for non-compensatory business reasons
- On premises athletic facilities
- Minimal value (de-minimis) benefits
- Minimal value (de-minimis) meals
- Retirement planning services, under employer’s qualified plan
- Working condition benefits
- Lodging on business premises
- Meals on business premises, provided for convenience of the employer
- Employee discounts
For Tax Resolution or Tax Preparation services in Coeur d’Alene Idaho click here.
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