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Impact of the Tax Cuts and Jobs Act on Retirement Benefit Plans, Executive Compensation, Employee Benefits, and Payroll

Tax Cuts and Jobs Act Will Present Retirement, Benefits, Executive Compensation and Payroll Professionals with New Challenges in 2018

By John W. Strzelecki, J.D., Glenn Sulzer, J.D., and Tulay Turan, J.D.

This White Paper analyzes the impact of the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) on retirement, benefits, executive compensation, and payroll professionals that President Trump signed into law on December 22, 2017. The Act represents the most sweeping tax legislation in 30 years and will affect nearly every individual, business owner, and corporate taxpayer in the United States.

Highlights Include:

  • Roth Recharacterization Repealed
  • Impact on Qualified Plans of Revised Pass-Through Deduction
  • Deferral Election for Qualified Equity Grants
  • Modification of $1 Million Deduction Limit on Executive Compensation
  • Limitations on Employer Deductions for Fringe Benefits
  • Elimination of Individual Mandate Penalty
  • Modification of Personal Income Tax Rates
  • Revised Standard Deduction
  • Suspension of Personal Exemptions
  • And more!