{"id":2910,"date":"2017-02-21T10:43:57","date_gmt":"2017-02-21T10:43:57","guid":{"rendered":"https:\/\/madisondigitaldesign.com\/2017\/02\/lorem-ipsum-dolor-sit-amet-consectetur-adipisicing-elit-sed\/"},"modified":"2018-12-13T17:54:19","modified_gmt":"2018-12-13T17:54:19","slug":"lorem-ipsum-dolor-sit-amet-consectetur-adipisicing-elit-sed","status":"publish","type":"post","link":"https:\/\/madisondigitaldesign.com\/?p=2910","title":{"rendered":"DEMO &#8211; Blog Post"},"content":{"rendered":"<p>IRS Tax Reform Tax Tip 2018-192, December 12, 2018<\/p>\n<p>For businesses that have employees, there are changes to <a title=\"Publication 15-B, Employer's Tax Guide to Fringe Benefits\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-15-b\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"67f255b3-9a71-41d5-8a16-e3c7f6af59e8\">fringe benefits<\/a> that can affect a business\u2019s bottom line and their employee\u2019s tax liabilities. One of these changes is to qualified moving expenses.<\/p>\n<p>Under previous law, payment or reimbursement of an employee\u2019s qualified moving expenses were not subject to income or employment taxes.<\/p>\n<p>Under last year\u2019s tax reform legislation, employers must include all moving expenses, in employees\u2019 wages, subject to income and employment taxes.<\/p>\n<h2>Exception<\/h2>\n<p>Generally, members of the U.S. Armed Forces can still exclude qualified <a title=\"Employer Update\" href=\"https:\/\/www.irs.gov\/newsroom\/employer-update\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"a7396ba3-0318-43c8-9804-fcd0b574ccdb\">moving expense<\/a> reimbursements from their income if:<\/p>\n<ul>\n<li>They are on active duty<\/li>\n<li>They move pursuant to a military order and incident to a permanent change of station<\/li>\n<li>The moving expenses would qualify as a deduction if the employee didn\u2019t get a reimbursement<\/li>\n<\/ul>\n<h2>Transition rule<\/h2>\n<p>There is a transition rule under the new law. Under this rule, certain payments or reimbursements aren\u2019t subject to federal income or employment taxes. This includes amounts that:<\/p>\n<ul>\n<li>An employer pays a third party in 2018 for qualified moving services provided to an employee prior to 2018.<\/li>\n<li>An employer reimburses an employee in 2018 for qualified moving expenses incurred prior to 2018.<\/li>\n<\/ul>\n<p>To qualify for the transition rule, the payments or reimbursements must be for qualified expenses which would have been deductible by the employee if the employee had directly paid them before Jan. 1, 2018. The employee must not have deducted them in 2017.<\/p>\n<h2>Corrections<\/h2>\n<p>Employers who have included amounts covered by the exception or the transition rule in individuals\u2019 wages or compensation can <a title=\"About Publication 521\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-521\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"70ce3e61-ed19-4306-b705-39696f6599ce\">take steps<\/a> to correct taxable wages and employment taxes.<\/p>\n<h2>More information:<\/h2>\n<ul>\n<li><a title=\"Publication  15, Circular E, Employer's Tax Guide\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-15\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"e464cdb3-a147-46cc-bbe4-28c39d23f4ee\">Circular E<\/a>, Employer\u2019s Tax Guide<\/li>\n<li><a title=\"Instructions for Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-941-x\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"00a337e1-3331-4945-9a5b-4dbdba658882\">Instructions for Form 941-X<\/a>, Adjusted Employer&#8217;s Quarterly Federal Tax Return or Claim for Refund<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>IRS Tax Reform Tax Tip 2018-192, December 12, 2018 For businesses that have employees, there are changes to fringe benefits that can affect a business\u2019s bottom line and their employee\u2019s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of an employee\u2019s qualified moving expenses were not<\/p>\n","protected":false},"author":1,"featured_media":3275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=\/wp\/v2\/posts\/2910"}],"collection":[{"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2910"}],"version-history":[{"count":2,"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=\/wp\/v2\/posts\/2910\/revisions"}],"predecessor-version":[{"id":3276,"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=\/wp\/v2\/posts\/2910\/revisions\/3276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=\/wp\/v2\/media\/3275"}],"wp:attachment":[{"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madisondigitaldesign.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}