7 things to know today and what the new tax law means for employee benefits
Still not really sure what the new tax law means for you and your business, especially when it comes to employee benefits?
Repeal of the individual mandate provision in the Affordable Care Act, new tax credits related to the Family & Medical Leave Act and elimination of some “fringe benefits” including employer-provided commuting and parking benefits: These are just some of the changes from the sweeping tax overhaul legislation signed into law late last month.
That’s the analysis from American City Business Journals contributing writer Jay Starkman, founder and CEO of Engage PEO.
Although tax and HR benefits experts are still interpreting the full impact of the new provisions, it’s important for employers to know which of their programs may be cut or eliminated.
To help in that regard, click here for a look at some of the key changes employers need to know.
And be sure to check out these other Thursday headlines:
Universal patent looks at how to transport Segways in theme parks
Universal Orlando Resort, and other Universal theme parks, may be looking into how to transport new, and future, vehicles. At least that’s what it looks like the theme park giant is looking at, according to a new patent it filed.
Townhomes, shops and office space proposed in Ocoee
The city of Ocoee is mulling a proposal to transform a vacant corner into the future home of a mixed-use retail and commercial center. More here on what’s envisioned for the project.
Restaurant group to build new Orlando HQ, expand Bento Cafe brand
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$15M high-tech NeoCity Academy will create 200+ jobs
Florida has second-highest poverty level in U.S.
California — with its wealth, Silicon Valley, Hollywood and liberal politics — has the highest poverty rate in the U.S. when cost-of-living is combined with income levels, and Florida is right behind it at No. 2, according to the Supplemental Poverty Measures reported by the U.S. Census Bureau. More here.
Bank of America takes $2.9B hit after tax overhaul
Bank of America Corp. (NYSE: BAC) — Central Florida’s second-largest bank — took a $2.9 billion charge related to the recently passed Tax Cuts and Jobs Act, but its adjusted results for the fourth quarter came in above expectations. More here.