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Law, Explanation and Analysis of the Tax Cuts and Jobs Act of 2017

Law, Explanation and Analysis of the Tax Cuts and Jobs Act of 2017

By Wolters Kluwer Editorial Staff
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Softcover
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Overview

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017 (P.L. 115-97). 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.

Law, Explanation and Analysis of the Tax Cuts and Jobs Act of 2017: A Guide to the Retirement Benefit Plans, Executive Compensation, Employee Benefits and Payroll Provisions is out in front with expert analysis of the practical effects this law will have on retirement benefit plans, executive compensation, employee benefits and payroll.

The new rules present employers, employees, and tax and benefits professionals with potentially difficult decisions. Among the changes demanding immediate attention, the Act:

  • Repeals the rule permitting Roth IRA recharacterizations
  • Imposes an excise tax on the excess compensation of executives of tax-exempt organizations
  • Provides a new income deferral election for qualified equity grants
  • Limits the $1 million deduction limit on executive compensation by removing the exclusion for performance based compensation
  • Expands the contribution options under 529 plans
  • Repeals the limited employer deduction for certain fringe benefits (such as entertainment)
  • Eliminates the deduction for qualified transportation fringe benefits
  • Suspends the income exclusion for moving expense reimbursements
  • Eliminates the individual mandate penalty enacted under the Affordable Care Act
  • Provides a temporary employer credit for paid family and medical leave
  • Substantially alters the personal income tax rates (which will lead to significant modification of the applicable income tax withholding rates)
  • And radically changes the standard deduction and personal exemptions allowed under pre-2018 law.

Law, Explanation and Analysis of the Tax Cuts and Jobs Act of 2017: A Guide to the Retirement Benefit Plans, Executive Compensation, Employee Benefits and Payroll Provisions delivers detailed analyses of the provisions of the Act affecting retirement plans, executive compensation, employee benefits and payroll administration. Expert guidance provided by recognized benefits professionals helps you navigate the most pressing issues, including:

  • Advisability of Roth conversions
  • The financial benefits of maintaining a qualified plan
  • The structure of executive compensation arrangements
  • The schedule of compensation payments to executives
  • The viability of employer-provided fringe benefits
  • Income tax withholding
  • The effect the new pass-through rules could have on small employers establishing and maintaining qualified plans
  • And more! 

Only Law, Explanation and Analysis of the Tax Cuts and Jobs Act of 2017: A Guide to the Retirement Benefit Plans, Executive Compensation, Employee Benefits and Payroll Provisions highlights the immediate impact of key changes, delivering practical guidance you can put into effect today.

Publish Date 02/08/2018
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781454898757
SKU 10060517-0001
Table of Contents

EXPLANATION

1. RETIREMENT BENEFIT PLANS

  • Impact of Revised Pass-Through Deduction Rules
  • Relief for 2016 Disaster Areas
  • Recharacterization of IRA Contributions
  • Modification of Rules Applicable to Length of Service Awards
  • Extended Rollover Period for Plan Loan Offset Amounts

2. EXECUTIVE COMPENSATION

  • Modification of Limitation on Excessive Employee Compensation
  • Excise Tax on Excess Compensation of Executives of Tax-Exempt Organizations
  • Qualified Equity Grants, New Deferral Election
  • Excise Tax on Stock Compensation of Insiders in Expatriated Corporations

3. EMPLOYEE BENEFITS

  • Rollovers to ABLE Accounts
  • Distributions from Qualified Tuition Programs
  • Qualified Bicycle Commuting Reimbursements
  • Qualified Moving Expense Reimbursement
  • Moving Expense Deduction
  • Individual Health Insurance Mandate under the Affordable Care Act
  • Depreciation Caps on Luxury Cars
  • Computers as Listed Property
  • Employer’s Deduction for Entertainment, Commuting Benefits, and Meals
  • Prohibition on Non-Tangible Personal Property as Employee Achievement Awards
  • Employer Credit for Paid Family and Medical Leave
  • 2017 Tax Cuts Act

4. PAYROLL ADMINISTRATION

  • Individual Income Tax Rates
  • Chained Consumer Price Index
  • Standard Deduction for Individuals
  • Sinai Peninsula of Egypt a Qualified Hazardous Duty Area
  • Personal and Dependency Exemptions

5. MISCELLANEOUS TAX PROVISIONS

  • Unrelated Business Taxable Income Separately Computed for Each Trade or Business Activity
  • Unrelated Business Taxable Income Increased by Certain Fringe Benefit Expenses

LAW

  • Tax Cuts and Jobs Act of 2017 (P.L. 115-97, enacted December 20, 2017)
  • Internal Revenue Code Sections Added, Amended or Repealed

COMMITTEE REPORT

  • Joint Explanatory Statement of the Committee of Conference

SPECIAL TABLES

  • Internal Revenue Code Section to Explanation Table
  • Internal Revenue Code Sections Added, Amended or Repealed
  • Act Sections Amending Internal Revenue Code Sections
Volumes