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A deeper dive into the House’s tax reform bill

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in Payroll Today

It’s been a few days since H.R. 1, The Tax Cuts and Jobs Act, made its prime time, House of Representatives debut. You can read our initial impressions here.

The bill is now being marked up by the House Ways and Means Committee. Good news: Employer-provided dependent care assistance benefits have been restored, albeit on a temporary basis. The benefit would now expire on Dec. 31, 2022. Upshot: Your DCAP program is probably safe, although you should keep your eyes on the Senate’s bill, which may be released later this week.

We’ve had a bit more time to go through the bill since its Nov. 2 release. Here’s a more detailed look at some of the key changes that could affect your payroll operations. As you read, remember that the bill isn’t set in stone and may change yet again as it moves closer to a vote.

The business of being an employee

The tax code has long allowed employees to deduct business expenses that aren...(register to read more)

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