Moving expenses are now taxable
As a result of the recent Tax Cuts and Jobs Act, moving expenses are now taxable. This includes household goods shipping, final move airfare, temporary living expenses, and U.S. storage costs, and impacts all temporary moves.
These changes provide an opportunity to reconsider your approach to moving household goods for temporary assignments. What is best for your assignees and your organization? Household goods shipment or furniture allowance? Which option could save a company $1 million? (Using a mobility program with 100 assignees as an example.)
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