ComplianceMnthlyRecap MH 5.16.22

IRS Issues Updated Employers Tax Guide to Fringe Benefits

By Danielle Capilla, Senior VP of Compliance and Operations, United Benefit Advisors
  May 17, 2018 3:00:00 PM

pexels-photo-1059113Recently the Internal Revenue Service (IRS) issued its 2018 Publication 15-B, which informs 

employers about employment tax treatment of fringe benefits.
Updates include:
  • the suspension of qualified bicycle commuting reimbursements from an employee's income for any tax year after December 31, 2017 and before January 1, 2026;
  • the suspension of the exclusion for qualified moving expense reimbursements from an employee's income for tax years after December 1, 2017 and before January 1, 2026 (with exceptions for active duty U.S. Armed Forces members who move because of a permanent change of station);
  • limits on employers' deductions for certain fringe benefits including meals and transportation commuting; and
  • the definition of items that aren't tangible personal property for purposes of employee achievement awards.

For more information about these updates, contact your local UBA Partner Firm.

Topics: IRS, employee benefit plans, fringe benefits