As most relocation managers know, certain relocation benefits such as taxable reimbursements for house hunting, temporary living, and closing costs on a new home (just to name a few) must be counted as income and reported on a transferee’s W-2. While these benefits are necessary and provide a valuable service, they can push the transferee’s earnings past income thresholds for some tax deductions, exemptions and credits.
The relocation industry is comprised of a diverse set of businesses. Between third-party relocation management companies (RMCs), real estate experts, finance gurus, brokers, appraisers and more, service partners come in all different shapes, sizes, styles and personalities. This is great news, because corporations are equally diverse and all the different options make it possible to find perfect pairings. Over the course of my blogging, I want to take a look at different criteria to see what, if anything, matters most.
When people ask me which aspect of tax is the most difficult for the relocation industry, I always say that half the battle is staying current on tax changes. The other half is knowing which rules (out of so many) have the potential to impact a transferee. It’s important to remember that, more often than not, rules that seem to be unrelated to relocation actually pack a major tax punch for relocating employees.
With the Superbowl right around the corner, it’s time to pay homage to teamwork. It amazes me how well coordinated some football teams are – especially when you think about all of the people that need to work together on game day. You’ve got an offensive coach, defensive coach, special teams coach, assistant coach, head coach and then, of course, the players. Surely, every coach and player has a different goal for the game – and for themselves. Sometimes, these goals can even make or break their careers. So, how is it that this intricate web of leaders and players, all with different needs, can come together for a common purpose on game day?