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Posted by Chris Ruehrwein on October 2, 2008, 4:35 pm
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Can a public/private company get a tax credit for suppling a fitness center
at the workplace?
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Posted by Paul Thomas, CPA on October 2, 2008, 5:59 pm
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> Can a public/private company get a tax credit for
> suppling a fitness center at the workplace?
No tax credits per se. The costs of operating them are deductible by the
business of course.
The value of using the fitness center is not income to the employee because
it's a tax-free fringe benefit if certain conditions are met. Namely all
employees, their spouses and children must be allowed to use the facility,
and the general public can not. Other restrictions are in place. See
Regulation 1.132-1(e).
If you're talking serious bucks here, and not a bow-flex for the corner of
the break room, talk to your corporate accountant about this, who gets to
use it, when, and how the expenses are deducted (equipment would be
depreciated).
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Paul A. Thomas, CPA
Watkinsville, Georgia
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Posted by removeps-groups@yahoo.com on October 2, 2008, 11:39 pm
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wrote:
> > Can a public/private company get a tax credit for
> > suppling a fitness center at the workplace?
There might be tax credits from the city, though I doubt it, so better
check there as well.
> No tax credits per se. The costs of operating them are deductible by the
> business of course.
>
> The value of using the fitness center is not income to the employee because
> it's a tax-free fringe benefit if certain conditions are met. Namely all
> employees, their spouses and children must be allowed to use the facility,
> and the general public can not. Other restrictions are in place. See
> Regulation 1.132-1(e).
At my company, the spouse can use the gym, but they have to pay an
additional fee. It's free for employees.
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<< The foregoing was not intended or written to be used, >>
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Posted by Seth on October 4, 2008, 9:34 pm
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>The value of using the fitness center is not income to the employee because
>it's a tax-free fringe benefit if certain conditions are met. Namely all
>employees, their spouses and children must be allowed to use the facility,
>and the general public can not.
Is it really a requirement that spouses and children be permitted to
use the facility?
> Other restrictions are in place. See Regulation 1.132-1(e).
That seems to imply that use by spouses and children is not prohibited
by the IRS.
Seth
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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Posted by Arthur Kamlet on October 4, 2008, 10:09 pm
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>
>>The value of using the fitness center is not income to the employee because
>>it's a tax-free fringe benefit if certain conditions are met. Namely all
>>employees, their spouses and children must be allowed to use the facility,
>>and the general public can not.
>
>Is it really a requirement that spouses and children be permitted to
>use the facility?
>
>> Other restrictions are in place. See Regulation 1.132-1(e).
>
>That seems to imply that use by spouses and children is not prohibited
>by the IRS.
Page 7 of IRS Pub 15b, says:
Athletic Facilities
You can exclude the value of an employees use of an
on-premises gym or other athletic facility you operate from
an employees wages if substantially all use of the facility
during the calendar year is by your employees, their
spouses, and their dependent children. For this purpose,
an employees dependent child is a child or stepchild who
is the employees dependent or who, if both parents are
deceased, has not attained the age of 25.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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