Public employers take note: Last week the IRS released the 2014 version of its “Quick Reference Guide for Public Employers,” which addresses fundamental tax issues applicable to public employers, public retirement systems and public employee benefit plans.
Issues covered in the guide include, among others:
- Exclusion of employees covered by public retirement systems from mandatory social security coverage;
- Forms of public retirement systems;
- Qualified and nonqualified public retirement plans;
- Tax treatment of fringe benefits (e.g., travel expenses, use of government-owned vehicles,tuition); and
- Governmental entities exempt from backup withholding.
The guide also provides helpful links to other IRS publications that address certain issues in more detail.