Qualified Moving Expenses
- Topics:
- Accounting software,
- Payroll
- Tags:
- Benefits,
- Expense,
- Human Resources,
- Payroll Taxes.com
- Source:
- Payroll Taxes.com
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Overview: The article discusses about one of the employee benefits that is considered as moving expenses which are reimbursed to the employee. In the case of some fringe benefits that are offered to or given to employees, certain benefits can be excluded from an employee’s income because the expenses would normally be deductible on an individual’s personal income tax return. A moving or relocation expense is one such benefit. Reimbursement of an employee’s moving expenses is often a valuable fringe benefit, and many companies use the promise of such reimbursements as an incentive in the hiring process. Companies that relocate employees to other company locations often provide this benefit. But employers can avoid the snares and pitfalls that often surround the taxation and reporting of this benefit if the follow the guidelines provided above and the guidelines provided in the appropriate IRS publications. This article provided a full information regarding qualified moving expenses and reporting of the moving expenses.
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Format: HTML | Date: Jan 2003 | Pages: 1
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