This 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.
It’s good for relocation managers to know, and understand the fact that the relocation inspection is often a sore spot among transferees. This shouldn’t be too much of a surprise – home inspections are a sensitive topic for most homeowners – but given the high-stress combination of relocating for work AND selling a home, concerns are always intensified. In a relocation situation, transferee concerns focus on two primary areas: the cost of repairs and disclosing any negative findings to potential buyers.
When you’re moving a transferee and his or her family, what do you really want from the people who you have trusted to help them? Of course you want good information, guidance and services – these are the “must-haves” that any good relocation company should provide. But, when you consider what is going to make a difference in the lives of your transferees – and the success of your program – I would say that it’s critical to find people who genuinely care.
If you are relocation manager, you are probably bombarded with the question: Why is my buyout amount so low? And, of course, you’ve handled accusations that the appraisers are “in your service provider’s back pocket.” While there are many factors that influence the appraised value, the biggest culprit for lower than expected valuations is the forecasting adjustment tool.
If you were to ask your transferees today what’s included in their relocation policy, do you think they would be able to answer the question? If the answer is yes, then good for you because you are doing something right! If the answer is no, then you are not alone. For a variety of reasons, many transferees don’t have a good grasp on their policy, let alone the relocation process. Most of the time it boils down to communication.
Recently, I was interviewed for a CareerRelocate article on important considerations for someone who is trying to decide if relocation is the right move for them. I cannot stress enough how important it is for candidates to research the new location to ensure that it will meet both their lifestyle needs and career aspirations prior to accepting the relocation.
Driving home from work this evening, it hit me. The holidays are here. Lights are strung up on the storefronts and the radio was playing the latest version of “Home for the Holidays.” Surely, this is one of my favorite times of year. I love being surrounded by friends and family and, as I pulled into my driveway, I found myself more excited than usual to see my boys.