The IRS is considering changes to the tax code that would tax corporations for loyalty programs whenever a consumer accrues the benefits, rather than when the consumer uses the points or miles or when the points or miles expire.

Bottom line: Concern that the changes would significantly limit the value of points and miles is being raised amongst groups with interests in travel, hospitality and loyalty programs. Those raising the concerns say that the proposed changes may be one more reason to consider spending your points and miles rather than holding on to them.