These changes that are listed below are a part of the Tax Cuts and Jobs Act (TCJA).
Changes to Unreimbursed Employee Expenses
Employees can no longer deduct their unreimbursed employee expenses. This really hurts a lot of employees. There is a way you as the employer can help fix the problem. We’ll go over how to fix it in our Statutory Employee article.
Changes to Moving Expenses
Caution- If you reimburse your employee for moving expenses, the reimbursement must be included in the wages for your employee and they’ll be subject to income and employment taxes. Exclusions include members of the U.S. Armed Forces. See the IRS for more details.
Changes to Achievement awards-
There are now certain exclusions to the achievement awards. You can exclude them from your employees wages if the awards are tangible personal property. They are now subject to deduction limits. The TCJA clarifies that tangible personal property does not include cash, cash equivalents, gift cards, gift coupons certain gift certificates, tickets to theater or sporting events, vacations, meals, lodging, stocks, bonds, securities and other similar items.
Changes to listed property
Computers and/or peripheral equipment have been removed from the definition of listed property if they were placed in service after 2017. .
Changes to Depreciation Limits for Passenger Vehicles.
The Tax Cuts and Jobs act increased the depreciation limits for passenger vehicles. If the you don’t claim them under the bonus depreciation the greatest allowable depreciation deduction is:
$10,000 for the 1st year
$16,000 for the 2nd year
$9,600 for the 3rd year, and
$5,760 for each later taxable year in the recovery period..
If you the taxpayer, claim 100% bonus depreciation the greatest allowable depreciation deduction is $18,000 for the first year, and the same as above for the later years.
These are just a few of the changes that the Tax Cuts and Act put into place for more information visit the IRS.