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Why You May Owe More Tax Soon on Popular Employee Benefits

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The proposal is estimated to save $50 billion in spending over 10 years. Kate is a CPA with experience in audit and technology. As a Tax Writer at Kiplinger, Kate believes that tax and finance news should meet people where they are today, across cultural, educational, and disciplinary backgrounds.
The article from Kiplinger discusses potential changes in tax laws that could affect the taxation of popular employee benefits. It highlights that benefits like group-term life insurance, educational assistance, and adoption assistance might see an increase in taxable income for employees. Specifically, the Tax Cuts and Jobs Act (TCJA) of 2017 has already eliminated the deduction for entertainment expenses, and there's a looming possibility that other fringe benefits could lose their tax-advantaged status. For instance, the tax-exempt status of employer-provided educational assistance might not be extended beyond 2020, and the tax treatment of group-term life insurance over $50,000 could change. Additionally, the article mentions that the IRS might scrutinize these benefits more closely, potentially leading to higher taxable income for employees if these benefits are deemed taxable. This could result in employees owing more in taxes unless Congress acts to extend or modify these tax provisions.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/taxes/why-you-may-owe-more-tax-soon-on-popular-employee-benefits ]