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Compliance Bulletin: New Tax Law Includes Changes for Employee Benefits

On December 22, 2017, President Donald Trump signed The Tax Cuts and Jobs Act into law. This new Act includes federal tax law changes that impact employee benefits. For example, effective for 2018, employees can no longer receive tax-free reimbursements of moving expenses or bicycle commuting costs. Also, the new law creates a temporary tax credit for employers that provide paid family and medical leave. The attached Compliance Bulletin summarizes these employee benefit changes. Employers should start working with their tax advisors to determine how the tax changes will impact their businesses.

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