Labor shortages, wage inflation, and the changing expectations of workers are the new normal challenges faced by employers. In response, many organizations are reevaluating their benefits package to attract and retain talent. What some may overlook are the tax implications associated with these benefits.
Taxes are a significant part of the cost of labor, and understanding the tax implications of employee benefits is crucial for managing liabilities and ensuring compliance with regulations. Additionally, it can help organizations strengthen the return on their investments in talent. Here are five scenarios that might apply to your organization and whether it’s time for a thorough review of your benefits plan.
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