The recently enacted “Tax Cuts and Jobs Act (“TCJA”)” is a sweeping tax package. Here’s an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.
IRS clarifies pandemic relief for dependent care assistance programs
Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
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