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250 WORDS Keeping in mind the federal income tax legislation process, do you think it is...

250 WORDS

Keeping in mind the federal income tax legislation process, do you think it is fair that some fringe benefits are not taxed? How has the new Tax Cuts and Jobs Act (TCJA) affected the fringe benefits allowed/disallowed?

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Answer #1

yes,it is fair that some fringe benefits are not taxed.

Employers will need to be certain that they pay all bicycle commuting benefits owed for tax year 2017 before January 1, 2018. Keep in mind that absent IRS guidance otherwise, benefits paid on and after January 1, 2018, are included in wages subject to FIT, FITW, FICA and FUTA even if related to benefits earned in 2017.

Effective January 1, 2026, IRC §274(n) is further modified to reflect that no business deduction is allowed for any expense incurred for meals under IRC §119(a), any expense for the operation of an eating facility in IRC §132(e)(2) and any expense for food or beverages associated with the eating facility including under IRC §132(e)(1).

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