During this pandemic year, many employees have relied on flexible spending accounts (FSAs) to pay for health care and dependent care costs. This includes expenses related to COVID-19. Employers that offer employees FSAs also reap several benefits. But if you offer employees FSAs, it’s important for both employers and employees to keep abreast of the latest changes, including those that may affect important decisions before the end of 2020.Read more
Under current tax law, employees aren’t allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may be more important than ever for employers to set up expense reimbursement plans for business-related travel costs. Read more
Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025?
Fortunately, you can set up a so-called “accountable plan” to minimize the adverse effects of this TCJA provision. Here’s how the accountable plan deal works. Read more