For many individuals and small business owners, the end of 2017 and beginning of 2018 brought a sharp focus onto the issue of taxation. That is because the Tax Cuts and Jobs Act of 2017 ("TCJA") was signed into law on December 22, 2017.
Whether as the employer or employee, additional "fringe benefits" can be an important part of an overall compensation package and are important in attracting and retaining talent in the workplace. Decisions about such benefits are not made without repercussions, however. Both employers and employees should be aware that fringe benefits may be taxable to individual employees.