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Fringe Benefit Statement nevada Form: What You Should Know

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Music hi my name is Finn Presley and welcome to McDermott tax dates I'm joined today by my partner Judith Ethel and we're here to talk about some of the ways that the new tax reform legislation is going to impact your employee benefit plans specifically your fringe benefits and your health and welfare plans Judith start us off with the new Family Medical Leave Tax Credit oh this is an exciting one Finn I'm really jazzed about this this is basically money on the table for employers and they need to be focused on this for 2022 and 2022 if you're paying any portion of wages for certain individuals who are on FMLA you can take a tax credit it's exciting and I think people aren't really focused on it right now so you want to dig down and get some more information as I said it's limited to certain employees it's only employees making less than 72 thousand dollars a year but many employers are already providing this program so why not get the benefit exactly something else that came out of the new tax reform legislation is the repeal of the individual mandate beginning in 2022 now employers are interested in this but I don't think we're gonna see a lot of changes to employee benefit plans we may see a slight dip in enrollment of some folks deciding that they're gonna waive their health insurance beginning in 2022 but I don't think it's gonna be much of a material change a lot of employers have also asked that that's going to mean ACA reporting goes away and unfortunately right now for the time being ACA reporting is still here to stay as long as we have the employer mandate we're still gonna have to do that...

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