Tax consequences of employer payment of club dues and spousal travel

Article Abstract:

Section 274 of the Internal Revenue Code (IRC) has been amended by the Omnibus Budget Reconciliation Act of 1993 to eliminate deductions for amounts paid for club dues and spousal travel. Proposed regulations have been forwarded to amend regulations under IRC Section 132 to allow employees to exclude club dues and spousal travel payments from their income as working condition fringe benefits. However, the employer should not treat the amounts as compensation, the amounts would be deductible under IRC Section 162 and the employee should justify the expenses via an accountable plan.

Public Finance Activities, Tax Deductions & Exemptions, Tax deductions, Employee benefits

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Employers shift roles in employee retirement planning

Article Abstract:

More employers are shifting away from defined benefit pension plans, which are expensive and complex, to defined contribution pension plans. Defined contribution pension plans place more responsibility for income security in retirement to employees. Employees preparing for retirement under defined contribution pension plans should compute their expected income and expenses to determine how much they should save to compensate for inadequate retirement income.

Methods, Retirement planning, Defined contribution plans

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