The House GOP tax reform bill introduced Nov. 2, 2017, would have a major impact on employee benefits, including executive compensation, qualified retirement plans, fringe benefits and tax-exempt organizations. If adopted, many of these changes would go into effect Jan. 1, 2018. Although passage of the bill is still uncertain and the bill likely will undergo substantial changes even if it is adopted, employers should understand its potential impact on their employee benefit programs.
Executive Compensation
Qualified Retirement Plans
Fringe Benefits
The bill would eliminate or greatly reduce a number of tax-free employee benefits currently provided by many employers:
The proposal also would generally eliminate an employer’s corporate tax deductions or credits for the following types of employee fringe benefits or expense reimbursements:
Please contact any member of the McGuireWoods employee benefits team for additional information about this alert.