Tax Tracking

Summary

Some organizations decide to count equipment issued to employees as a taxable fringe benefit. Equipment Ops allows you to record when the equipment is issued, then report the value of the equipment each person received during a specific 'tax period'.

Taxable Employees

Any person in the system can be set as a 'Taxable Employee' by checking the box in their profile. Examples include coaches, administrative staff, and operational staff.

Taxable Items

You can flag items in your inventory as a 'taxable' item. Some organizations only consider the current year's inventory to be taxable. Other organizations consider all of their inventory to be 'taxable' items.

Tax Periods

You can create a schedule for how often you want to report the taxable amounts to your Accounting Department. Some organizations report the taxable amounts with each payroll period. Others do it monthly, quarterly, or even annually. The system allows you to configure the specific periods that you want to use. We recommend using a longer period such as quarterly or monthly.

Taxable Summary Report

The Taxable Summary Report shows the value of the taxable items that each taxable person received during the tax period.

The system also allows you to set a de minimis value for the entire organization. For instance, if you set your de minimis value at $100, the Taxable Summary Report will automatically exclude the first $100 from the total Taxable Amount for each person.