The H.R. 1 tax act impacts the rules governing qualified retirement plans and fringe benefit plans. The new loan offset rules and the income inclusion and deduction rules for certain fringe benefits were both impacted.
DrinkerBiddle’s recent Plan Sponsor Update (The Impact of Tax Reform on Qualified Plans and Fringe Benefits) provides an overview of the tax act including what sections were enacted and the impact on qualified plans and fringe benefit plans.
If you are unsure if/how the changes affect your retirement plan, please contact your Watkins Ross associate.