With tax season upon us, many Americans are being forced to learn what the Tax Cuts and Jobs Act (the “Act”) (deemed the most consequential tax reform in a generation) really entails and its impact on a business’ bottom line. While the changes in income tax brackets has been most heavily covered in the media, many employers are surprised to learn that a number of provisions in the Act may also affect a company’s employment practices. Below is a summary of the effects of the Act that most directly impact employers:
| Deduction/Credit | Pre-Tax Cuts and Jobs Act | Post-Tax Cuts and Jobs Act |
| Family and Medical Leave Credit |
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| Meals & Entertainment Expenses |
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| Sexual Harassment Costs Subject to Nondisclosure Agreements |
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| Qualified Bicycle Commuting Exclusion |
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| Exclusion for Moving/Relocation Expense Reimbursements and Moving/Relocation Expense Deduction |
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For assistance navigating how the Act may affect you and your company, contact the Labor & Employment Group at Clyde Snow & Sessions at 801.322.2516 or vbf@clydesnow.com.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Nothing in this communication is intended or written by us to be used, and cannot be used, for the purpose of (i) avoiding penalties that may be imposed by any governmental taxing authority or agency, or (ii) promoting, marketing, or recommending to another party any matters addressed herein.