IRS Regulations
Certain categories of benefits offered through Forma are considered taxable benefits as required by IRS regulations (see IRS Publication 15-B).
These are the common benefits governed by this regulation:
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Wellness
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Parental Support
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Cell Phone
You will only be taxed on the amount you receive under the program, and the amount will be included in your income for tax reporting and withholding purposes.
Taxation By Spending Method
Any amount spent through your Forma account is governed by the same regulation above. This includes:
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Forma Store
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Twic/Forma Card
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Reimbursement Claims
***Taxation policies may vary by company, please review your program policy for details. For questions regarding international taxation, please consult your company's benefits department.