There are precious few certainties in life but as the old saying goes, taxes are one of them. With America’s tax season in full swing, that inevitability is sure to be on the minds of many in the United States. During this time of the year it is easy to forget that America isn’t the only country where tax considerations loom over the population, as well as how different tax rates and financial
Tax reforms in 2018 will have an impact on deductions and property taxes. Here is a brief summary of the primary changes. Please note that individuals should always consult their tax advisors. Moving Expense Deduction As of January 1, 2018, movement of household goods, storage and final move travel are taxable to transferees. With the elimination of the moving expense deduction, the "50 mile",
CapRelo has been closely following the changes to the U.S. tax laws and advising clients on the best ways to adjust policies. The IRS is currently reviewing the changes to determine how to implement them, and we will update this information when the IRS finalizes and confirms their implementation plans. The new U.S. tax bill passed through Congress and has been signed into law by the President.
Thinking about changing your relocation program or just curious about what other organizations are doing? Each month, we'll feature a short survey and share our findings of the previous month's survey. Below are the results for October's survey and this month's survey questions. October Survey Results 1. Does your company measure employee engagement for your relocated employees? Yes: 0%No: 34%
Regardless of the distance or time of year, relocating for a job is an expensive undertaking. Fortunately, many employers have relocation packages in place that reimburse employees for some, or all, of their moving expenses. Some relocation expenses are excludable from income tax, while others are considered additional taxable income by the IRS. Learn more about relocation and U.S. taxes in our
Thinking about changing your relocation program or just curious about what other organizations are doing? Each month, we'll feature a short survey and share our findings along with the next survey the following month. Below are the results for last month's survey and this month's survey questions. November Survey Results 1. Does your company offer a lump-sum package for global relocations? 67%
Many potential transferees find that they must turn down an otherwise lucrative job transfer due to the high cost of moving. Some employers choose to underwrite everything from helping an employee list and sell their current home, to handling all transfer-related details – including movers and travel – although not all expenses may be covered or reimbursed. This is where tax deductions come in
Payment or Reimbursement for Moving Expenses Any employer-paid reimbursements or payments of an employee's job-related moving expenses are considered income for the employee only to the extent that he or she would not be able to deduct them as expenses. If expenses meet the eligibility requirements under the IRS Code Section 217 and an accounting of expenses are furnished by the employee to his
Moving and living abroad can result in complicated situations—especially where finances are concerned. For the estimated 335,000 expat U.S. citizens who earn an income overseas, it can be even more complicated than for other nationalities, since the United States is the only country that requires its citizens to file overseas income taxes on peril of losing citizenship. The Foreign Account Tax
In today’s labor market, talent mobility is becoming increasingly important. First, there’s a growing necessity for companies to function at a global level. Thanks to continuously improving communications technology, organizations are collaborating with partners and breaking into markets overseas. As a result, there are more relocation opportunities for employees to gain international experience.