The Moving Expense Deduction: The Good News – It’s Simplified. The Bad News – It’s Gone
--(BUSINESS WIRE)--Aug 7, 2018--Wolters Kluwer Tax & Accounting:
What: As the end of summer typically marks a time when families rush to move into their new homes before the school year begins, taxpayers are reminded that the Tax Cuts & Jobs Act repealed the moving expense deduction for all except Armed Forces members.
Why: Taxpayers should understand that the loss of the moving expense deduction could have an impact on the relocation decisions of individuals and their employers. Among the changes to note:The repeal applies for the years 2018 through 2025 The exclusion for qualified moving expenses reimbursed by your employer is suspended for 2018 through 2025 The deduction and the exclusion remain in effect for Armed Forces personnel on active duty who move pursuant to a military order incident to a permanent change of station Employers will now be responsible for withholding and FICA taxes related to reimbursed moving expenses now being taxed as wages The deduction for unreimbursed employee business expenses has been repealed as well, eliminating that possible alternative
Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss the repeal of the moving expense deduction in more detail.
Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:
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CONTACT: Wolters Kluwer Tax & Accounting
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE HUMAN RESOURCES LEGAL CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Wolters Kluwer Tax & Accounting
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PUB: 08/07/2018 10:00 AM/DISC: 08/07/2018 10:01 AM