Benefits Law Update

A blog from the attorneys of Verrill

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Category: Fringe Benefit and Similar Programs

New Tax Credit for Paid Leave: What Benefits Professionals Should Know

The 2017 Tax Cuts and Jobs Act contains a two-year pilot project, developed by Senators Angus King (I-ME) and Deb Fischer (R-NE), that provides a tax credit to employers that offer at least two weeks of paid leave to low and moderate income employees. If your company already offers...

Tax Reform: A Brief Overview of the Final Legislation

Congress passed the Tax Cuts and Jobs Act on December 20, 2017, and President Trump signed the bill into law on December 22nd. As everyone knows by now, the new law makes sweeping changes affecting most areas of income taxation. And while the final legislation contained fewer provisions affecting...

Tax-Free Treatment of Cell Phones, Without the Burdensome Recordkeeping

It is fairly common for employers to provide employees with cell phones or to reimburse employees for the business use of their personal cell phones. Until recently, properly receiving favorable tax treatment for such employer-provided cell phones and reimbursements required burdensome recordkeeping. IRS Notice 2011-72 and an accompanying Field...