Book provides guidance on new law's impact on retirement benefit plans, executive compensation, employee benefits and payroll.
Wolters Kluwer Legal & Regulatory U.S. today announced the publication of 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, providing expert analysis of the practical effects the law will have on corporations, and attorneys who practice in these areas.
As a leading provider of content and workflow solutions across pension, benefits and payroll, Wolters Kluwer provides timely, expert and trusted resources to help professionals navigate complex and changing laws and regulations.
"The Tax Cuts and Jobs Act is the largest piece of tax legislation that we have seen in decades," said Glenn Sulzer, J.D., a senior law analyst for Wolters Kluwer. "As the legislation takes effect, the new rules present employers, employees and tax and benefits professionals with potentially difficult decisions. This new title provides practical guidance that clarifies what changes are taking place, when they will go into effect and how professionals across retirement benefit plans, executive compensation, employee benefits and payroll can get ahead of these changes."
Authored by Wolters Kluwer's legal experts, the book provides a detailed analysis of the provisions of the Act that will affect employers and employees across the country. 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.
To learn more, or to purchase the book, visit https://lrus.wolterskluwer.com/store/product/law-explanation-and-analysis-of-the-tax-cuts-and-jobs-act-of-2017/.
Wolters Kluwer provides world-class content for pension, benefits, employment, and payroll professionals with the information and resources necessary to help them understand and work with new laws as they take effect. Other products relating to the new legislation, including the Pension Plan Guide, Employee Benefits Management, and the Payroll Management Guide, may be found at: lrus.wolterskluwer.com/store/.