Posted: Jan. 2, 2018    Updated: Dec. 10, 2018

Federal Tax Reform: What It Means for Your Business

H.R. 1, the Tax Cuts and Jobs Act (the Act), was enacted on December 22, 2017 and generally became effective on January 1, 2018. In addition to a reduction in the corporate tax rate, the Act includes several significant changes that will impact payroll, employment tax, and employee benefits. Below is a summary of many of these changes. This guide will be updated as additional information, guidance, and resources become available. Employers should review the Act in detail and consult with appropriate legal and tax professionals before taking any action.