Tag: imputed income

Question: Is an employer “required” to file amended returns for prior years due the taxation of benefits of employees with same sex spouses? Can an employer choose not to refile amended returns for years/quarters prior to 2013? Answer: As a result of the recent Supreme Court ruling that overturned of the Defense of Marriage Act (DOMA), there…

Question: How do we explain imputed income to a client who manually does its own payroll? Answer: Imputed income is a monetary value added to the gross income for the purpose of calculating taxes. Imputed income may not be seen on the paycheck as cash but comes in the form of a benefit, such as the value of…

Question: With respect to imputed income for domestic partners, it is our understanding that medical, dental and vision benefits would incur imputed income with respect to cost of coverage.  Would you be able to advise how this is handled if a domestic partner is also included for coverage as a dependent under an Executive Medical…

Question: How do we explain imputed income? Answer: Imputed income is a monetary value added to the gross income for the purpose of calculating taxes. Imputed income may not be seen on the paycheck as cash but comes in the form of a benefit, such as the value of employer-provided life insurance or other benefits…