Taxation of Employee Compensation: Employment Law Manual Updated
Author: Rena Pirsos, XpertHR Legal Editor
The Taxation of Employee Compensation section of the Employment Law Manual has been updated to include a number of important legislative and regulatory changes that occurred in late 2015 and early 2016.
The following subsections have been updated as noted:
- Qualified Transportation Fringe Benefits has been updated to reflect the equalization of monthly pre-tax amounts for commuter and parking benefits under the Protecting Americans from Tax Hikes (PATH) Act of 2015;
- Qualified Moving Expense Reimbursements, Valuation Methods and Employee Business Travel Expense Reimbursements have been updated to include the 2016 standard mileage rate and company fleet valuation amounts;
- Employer-Provided Adoption Assistance has been updated with 2016 inflation-adjusted figures for the credit/excludable amount and the phase-out amounts; and
- Identity Theft Prevention Services has been updated to reflect the expansion of the benefit as per IRS Announcement 2016-02.
Other annual inflation-adjusted amounts (e.g., salary figures for key employees) and a number of Practical Examples (e.g., withholding on noncash fringe benefits) have also been updated throughout the ELM section for 2016.