New Tax Bill Effective January 1, 2018
In December, Congress voted to enact the Tax Cuts and Jobs Act, which became effective January 1, 2018. The new law focuses on “the reduction of corporate and individual income taxes”, however sections of the law will also affect employee benefit programs, the Affordable Care Act individual responsibility penalty, and the business tax credit for paid family and medical leave. Other changes include the removal of certain deductions, such as qualified transportation benefits and moving expense reimbursements.
For more details on these changes and their implications, please click here.