I am the Controller for a Esop Company. Recently I discovered the three board
members have been receiving life ins and legal fees as non-taxable fringe benefits. This has been going on for atleast 10 years, I have work here for 3 yrs. I added the benefits to their earnings for 2007. I received a memo from the BOD stating they made a decision not to amendant any prior yr 941's, or 5500's. This tells me they do not want amended W2's for prior years.
The tax free benefits were passed through & charge to the company by one of the board members. The total benefits amounted to about $15,000 for atleast the last ten yrs.
Please provide advice on to what my position should be.
Thanks.
members have been receiving life ins and legal fees as non-taxable fringe benefits. This has been going on for atleast 10 years, I have work here for 3 yrs. I added the benefits to their earnings for 2007. I received a memo from the BOD stating they made a decision not to amendant any prior yr 941's, or 5500's. This tells me they do not want amended W2's for prior years.
The tax free benefits were passed through & charge to the company by one of the board members. The total benefits amounted to about $15,000 for atleast the last ten yrs.
Please provide advice on to what my position should be.
Thanks.