The Tax Cuts and Jobs Act includes many changes affecting tax breaks for employee benefits that will impact not only employees but also the businesses providing the benefits. Beginning with the 2018 tax year, the new law reduces or eliminates tax breaks in these 4 areas: transportation benefits, on-premises meals, moving reimbursements and employee achievement awards. (Some changes are only temporary.) On the plus side, for 2018 and 2019, the new law creates a tax credit for wages paid to qualifying employees on family or medical leave. Contact us for the details.
