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4 Fringe Benefit Deduction Changes Affect Business


 

The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses such as deductions for fringe benefit, which can affect both a business's bottom line and its employees' deductions.

 

Here's a summary of what these are:

1) Transportation fringe benefits. The new law disallows deductions for expenses associated with qualified transportation fringe benefits or expenses incurred providing transportation for commuting, except as necessary for employee safety.

2) Bicycle commuting reimbursements. Under the new tax law, employers can deduct qualified bicycle commuting reimbursements as a business expense for 2018 through 2025. The new tax law suspends the exclusion of qualified bicycle commuting reimbursements from an employee's income for 2018 through 2025. Employers must now include these reimbursements in the employee's wages.

3) Moving expenses. Employers must now include moving expense reimbursements in employees' wages. The new tax law suspends the former exclusion for qualified moving expense reimbursements. There is one exception for active duty members of the U.S. Armed Forces. They can still exclude moving expenses from their income. There is additional guidance on reimbursements for employees' who moved in 2017, but were reimbursed for expenses in 2018. Generally, reimbursements in this situation are not taxed.

4) Achievement awards. Special rules allow an employee to exclude achievement awards from wages if the awards are tangible personal property. An employer also may deduct awards that are tangible personal property, subject to certain deduction limits. The new law clarifies the definition of tangible personal property.

Don't hesitate to call if you have any questions about tax law changes affecting fringe benefits and your small business.

Summary
If you have any questions about these fringe benefit business tax changes, please contact the office for assistance with following these and other 2019 tax planning strategies that might be suitable for your particular situation.
 

Don't hesitate to call us if you need help or need to get started on tax filing for the 2019 tax season!  If you have comments or questions on the information in these articles, as usual feel free to call our offices.  Thanks!  Charlie


Feel free to give us a call if you have a question about these particular topics or issue or if you need help or want to get started on tax planning for the rest of 2019!  If you have comments on the information in these articles, as usual feel free to call our offices.

     

     

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Regards, Charles S. Wilson, CPA/CFF, CGMA, CBEC

Certified Public Accountant

Certified Business Exit Consultant

 

 

       
   
       
   
       

       

Charles S. Wilson, CPA/CFF, CGMA | Charles Wilson, LLC | 307 S. Friendswood Dr, Ste B-2
Friendswood, TX 77546 | 281-993-4530 (O) | 866-567-3975 (F) | charlie@wilsonaccounting.net