Remember the good old days… a few months ago?
Back then, when you provided your employees with transportation fringe benefits, you’d get a nice tax deduction.
No more. Thanks to the new Tax Cuts and Jobs Act, employers now get stuck with a penalty-tax when they grant employees certain qualified tax-free transportation fringe benefits.
Want to find out what the new law means to you?
Read my new article titled Tax Tips: Tax Reform Imposes a Penalty Tax on Transportation Fringe Benefits!
Three ways our fact-filled article can help you:
- We’ll tell you the transportation fringe benefits that draw penalties. There are three of them. If you want to avoid getting hit with penalties for doing nice things for your employees, take a minute and read this full after-tax-reform article.
- We’ll explain how the penalty tax works. To put it simply, your business gets no tax deduction for the qualified tax-free transportation fringe benefits. We’ll provide you with an example that will make things crystal clear when you read this full after-tax-reform article.
- You’ll learn how employees are affected. Your employees continue to receive the benefits you offer tax free as before. And they still have to follow the same rules to qualify for tax-free benefits. The only person stuck with a penalty-tax is you. You’ll get all the details when you read the full article.