The Internal Revenue Service has recently updated two publications that may be of interest to employers:
In particular, this publication reflects changes made by the Tax Cuts and Jobs Act enacted in December, 2017, specifically relating to qualified transportation and bicycle benefits (see Tax Reform: Impact on Benefits, Benefit Beat, 1/16/18, for background of these changes). Items included in this publication affirm that the employer deduction is no longer available for reimbursement amounts, including salary reduction amounts; and affirms that, for tax-exempt entities, the unrelated business income tax must be assessed on these amounts.
The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein
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