As yearend approaches, we wanted to remind you of fringe benefits that need to be included in owner/employee W2s and will need to be reported to your payroll service (if you use one) or in house preparer in early December:

1.       Personal usage of a company owned auto by owner or employee (a calculation is required)

2.       Health Insurance premiums paid by the company for a 2% or more owner/shareholder of an S Corporation

3.       Group term life insurance with benefits in excess of 50,000.00 provided by the employer for an employee (this requires a calculation)

Your tax advisor at Sharrard, McGee & Co., PA, is glad to assist and guide you with calculations of the above information to report to your payroll service or in house payroll preparer. Please call us in High Point at (336) 884-0410 or in Greensboro at (336) 272-9777.