Presentation
Recording
Identifying employment benefits and determining which ones are taxable and which ones are not is both mandatory for tax purposes and challenging. Every employer, whether owner-operated or publicly traded, has to deal with the issue of treatment of employment benefits. The current COVID environment has also added complexities as many employers have staff working from home. If an employer does not properly realize that a benefit has been conferred on the employee or properly treat them for income tax purposes, significant unexpected negative consequences may result for both the employer and the employee.
In this webinar, Stan Shadrin of CPA Solutions LLP Adam Serota of BRS Tax Lawyers LLP will provide an insightful overview of the income tax implications, both corporate and personal, of benefits and allowances commonly provided by employers. Attendees will learn when how to identify taxable employment benefits, how to determine the value of these benefits for income tax purposes, the impact on employment benefits as a result of COVID, and when sales taxes and payroll deductions are applicable. Understanding the tax consequences of employment benefits also assists management in planning the types of benefits to offer to employees.
• Adam completed his Bachelor of Commerce Degree from the Sprott School of Business and his Juris Doctor from Osgoode Hall Law School. Adam thereafter obtained his LL.M (Tax) from Osgoode Hall Law School.
• Adam joined Buote Ranieri Serota LLP in 2014 after serving as independent legal counsel to a mid-sized accounting firm that specialized in audits and appeals. Adam has extensive experience in corporate law and in various tax services including but not limited to audits, appeals, voluntary disclosures, advance income tax rulings and opinion letters.
• Adam describes his personal strength as being able to listen to all sides and find creative solutions in order to facilitate the best negotiated solution.
• Admitted to the Ontario Bar, 2013.
