2018 will mark a year of tax reform, as the current administration’s Tax Cuts and Jobs Act of 2017 goes into effect. The question of whether employee awards count toward taxable income have always been a chief concern for the recognition and rewards industry, and many of our customers (not to mention us) have been wondering how this new bill will change the status quo, since the text of the bill wasn’t revealed until after the House and Senate votes.
Fortunately, as it stands now, the tax codes that encourage employee awards survived the bill’s many revisions and will continue to benefit companies who are committed to meaningful employee rewards. Here’s a recap.