Trump may not have signed it into law yet, but the finaltax bill carries not just drastic changes tothe tax code but also a number of provisions that affect employers—andemployees.
An HRDive report says that among the changes are the repeal of somebusiness deductions, such as some parking and transportationbenefits and some entertainment expenses; however, they businessesdid gain a tax credit for paying workers while they're out onFamily and Medical Leave Act leave, accordingto an analysis by Willis Towers Watson.
Employees don’t fare so well, losing not only employer-providedbike commuter benefits and relocation assistance, but also thedeductibility of settlements related to sexual harassment or sexualabuse, which won’t be deductible if they are subject to anondisclosure agreement.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
