The Tax Cuts and Jobs Act is the biggest federal tax law change in over 30 years. Below are some significant changes affecting employers. Note: Except where noted, the changes are effective for tax years 2018– 2025. Certain Fringe Benefits Modified Prior Law. Generally, a deduction has been allowed for an activity (or facility used in connection with the activity) considered to be entertainment, amusement, or recreation that was directly related to the active conduct of an employer’s business … [Read more...] about Tax Cuts and Jobs Act Employers
Fringe Benefits
Fringe Benefits
Tax Treatment of Fringe Benefits The term “fringe benefit” refers to any benefit provided to an employee that is in addition to money. All benefits provided to an employee are taxable unless the law specifically excludes or defers tax on the benefit. Thus, a fringe benefit can either be taxable, tax-deferred, or excluded from taxation. The personal use of an employer-provided vehicle is an example of a taxable fringe benefit. An employer contribution to a qualified retirement plan on behalf … [Read more...] about Fringe Benefits