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Payroll Today

The new tax law: Here a glitch, there a glitch …

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Alice Gilman

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in Payroll Today

The Tax Cuts and Jobs Act unleashed a torrent of questions from employers regarding the payroll tax treatment of certain items, like employer-provided meals and working condition fringe benefits, which the IRS promised to answer in the 2018 edition of Pub. 15-B, Employer’s Tax Guide to Fringe Benefits.

Good news for employees: As we anticipated, the IRS has clarified that the payroll tax treatment of these items hasn’t changed, even though the TCJA limits or eliminates your corporate deduction.

Not so good news: New questions have arisen, which the IRS or Congress (or both) will need to address.

HSA refunds

The TCJA changed the measure of inflation to something called the chained CPI. As a result, the maximum amount employees with family coverage under a high deductible health plan can sock away into an HSA this year decreased to $6,850, from $6,900.

Employees who have already maxed out on their HSA contributions be...(register to read more)

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