After returning to work post-holidays, many noticed missing perks due to President Trump’s tax and spending package trimming company tax deductions. Changes include snacks, meals, charitable giving, bike commuting, and moving expenses. The 1% floor for charitable deductions must be cleared, with deductions capped at 10% of taxable income.

The fear is that the new charitable deduction floor will decrease corporate giving. The Tax Foundation estimates that sole proprietorships make up 69.8% of private businesses, compared to 8.1% for C-corporations. Lost charitable deductions can be offset by other benefits that benefit companies, such as bonus depreciation deductions.

The business deduction for food provided to employees expired, forcing companies to reconsider offering free snacks, beverages, coffee, or meals. Eliminating this deduction is estimated to raise over $32 billion in additional taxes on employers through 2034. Many businesses may scale back food offerings or offer less luxurious spreads.

Deductions for bike commuting and moving expenses have been permanently eliminated, impacting employer tax bills and employee expenses. The JCT estimates saving $852 million over 10 years from the limited moving expense deduction. Employers are caught off guard by the tax implications of reimbursing employees for moving expenses.

Experts predict that companies may scale back food offerings or offer less luxurious spreads. The elimination of bike commuting and moving expense deductions affects employer tax bills and employee expenses. Employers may need to increase the amount payable for moving expenses or discuss tax consequences with employees before payments are made.

Read more at Yahoo Finance: Americans may be losing some work perks this year. Here’s why