Hello Katz - Here Are Your Articles for Thursday, January 24, 2019
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The Benefits and “Not So Benefits” of Fringes

 

Employers and employees need to know that this past year brought a few major changes to how certain fringe benefits are taxed. Reimbursements for items such as bicycle commuting and relocation expenses are now considered taxable income.  So too are those MBTA passes and commuting reimbursements. But let’s not stop there either. Gym memberships, a perk many KN+S clients offer to their employees, are also now taxable and should appear on the employees W-2 as well.

Lastly, relocation costs paid by an employer, once considered a tax free benefit, are now taxable to the employee.

KN+S is happy to walk you through these changes. Let’s make sure your year-end W-2s properly reflect these changes. Give us a buzz at 781-453-8700.

 
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Katz Nannis + Solomon PC
Katz Nannis + Solomon PC
info@knscpa.com
781-453-8700
800 South Street Suite 250
Waltham, MA 02453
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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