Tax Law (Questions About Taxes)/Executive pay

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Question
Are tax benefits that retired CEOs receive supposed to be taxable as ordinary income? A few years ago, the details of all the benefits and perks available to Jack Welch of GE were made public by his wife in divorce proceedings. How do companies keep track of those if they are taxable income to the retired execs? 1099 or W-2?

Answer
it depends. some are wages. some arent. some were included in fica base when "earned" and not paid as w2.  

company hr and payroll have to keep track of it.  many times w2 is correct - even years after departure.

what is your real/underlying question or concern?  

Tax Law (Questions About Taxes)

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

Experience

19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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AICPA, CSCPA (Ct society), National Tax,

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a bunch.

Education/Credentials
MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

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I don't disclose or kiss and tell

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