IRS Establishes Cross Divisional Team to Combat Improper Tool Reimbursement Plans

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The IRS recently announced a new cross divisional team aimed at cracking down on tool reimbursement plans marketed to the automotive, construction, aircraft, agriculture and other industries that use hand tools as a way to circumvent employment taxes. Employers should be careful to ensure full compliance with any expense reimbursement plan, particularly those that claim significant tax savings to both the employees and employers.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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