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Transferee Tax Filing Tips

Tax season has arrived. It is both a headache and a relief for some people as they stumble around the rules and regulations of tax laws, exceptions, deductions, and write offs, hoping for a big return. Obviously, it’s important for everybody to take care when filing their taxes but it’s especially important for recently relocated transferees to understand exactly what their work related move entails in terms of filing. The best advice I can offer is to have your transferee speak to a professional tax consultant to ensure everything is filed correctly, but there are several tips, tricks and reminders that I can offer right now.

Transferee Tax Filing Tips

Tax season has arrived. It is both a headache and a relief for some people as they stumble around the rules and regulations of tax laws, exceptions, deductions, and write offs, hoping for a big return. Obviously, it’s important for everybody to take care when filing their taxes but it’s especially important for recently relocated transferees to Transferee Tax Filing Tipsunderstand exactly what their work related move entails in terms of filing. The best advice I can offer is to have your transferee speak to a professional tax consultant to ensure everything is filed correctly, but there are several tips, tricks and reminders that I can offer right now.

Relocation Tax Reporting for Transferees

Just as you are working through the tax filing process in HR, Payroll and Finance, so are your transferees.. That means it’s a good time to remind your transferees about some of the tax deductions they may be eligible for due to their relocation. This is especially helpful for first-time transferees or last year’s college grads who may have limited experience with relocation and/or filing taxes in general. While you can offer your transferee some basic advice, it’s still important that they speak to their accountant, tax consultant, or relocation provider to ensure they are filing correctly and meeting all requirements.

Tax Planning for a Move Abroad

Relocation TaxationThis article is reprinted from Taxolutions with permission from Rowland, Johnson & Company, P.A.

Many Americans are considering moving abroad to take advantage of professional and personal opportunities in a global economy. But as a U.S. citizen living in a foreign country, your tax situation may become more complex, especially because the U.S. requires all of its citizens and green card holders living abroad to continue to file returns in the U.S., and pay taxes on their worldwide income. Depending on the source and level of your income, however, you may be entitled to a number of tax breaks, chiefly designed to keep you from being taxed doubly by your adopted country, as well as the United States. Whether you actually come out ahead on taxes will depend on which country you work in and its tax rates, along with your individual financial and employment situations.

Most Commonly Lost Tax Credits Due to Relocation

Relocation Tax ExpertAs 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.

Three Tax Changes that Will Impact the Relocation Industry this Year

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.

Home Buyer Tax Credit a Complicated Issue for Relocating Employees

David Oltman Relocation Tax Expert

David Oltman

Relocating employees and their employers are facing a tricky tax issue as a result of the home buyer’s tax credit.  From April 2008 to June 2010 first time home buyers and non-first time home buyers were able to take advantage of tax credits of up to $8,000 and $6,500, respectively. Surely, a number of employees purchased homes for this reason and likely claimed the credits on that current year’s 1040 tax form (and IRS Form 5405) without thinking much of it.

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RICK CALANNI
VP of Business Development Northeast Region

 

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