Kansas Relocation Expense Agreement
Description
How to fill out Relocation Expense Agreement?
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FAQ
How much do employers spend on employee relocation options?Travel to the new location.Packing and moving service costs.Moving insurance.Short-term housing.Storage units or other temporary storage solutions.Home sale or purchase.Tax gross up for benefits.Relocation taxes.
Qualified Moving Expenses Reimbursements No Longer Excluded from Employees' Income, with Two Exceptions. For 2018 through 2025, employers must include moving expense reimbursements in employees' wages. The new tax law suspends the exclusion for qualified moving expense reimbursements.
A typical relocation package usually covers the costs of moving and storing furnishings, household goods, assistance with selling an existing home, costs incurred with house-hunting, temporary housing, and all travel costs by the employee and family to the new location.
(1) In general The term qualified moving expense reimbursement means any amount received (directly or indirectly) by an individual from an employer as a payment for (or a reimbursement of) expenses which would be deductible as moving expenses under section 217 if directly paid or incurred by the individual.
What Expenses Should a Business Cover?Business-related travel. Airfare, train, and/or other transportation expenses should be reimbursed to employees.Meals. Employees should also be reimbursed for meals as part of travel or business-related activities.Smartphones.Accommodations for travel.Training.
Moving expenses for relocation can be paid for unclassified faculty and staff who move more than 50 miles to their new location. All expenses must be paid with private funds. No state funds can be used, and no exceptions are made.
The short answer is yes. Relocation expenses for employees paid by an employer (aside from BVO/GBO homesale programs) are all considered taxable income to the employee by the IRS and state authorities (and by local governments that levy an income tax).
Moving expense reimbursements paid under a nonaccountable plan must be reported as wages and are subject to FICA and FUTA taxes. Withholding is at the same rate as for the employee's other wages, unless the employer elects to treat the moving expense as supplemental wages.
These include: The cost of packing, crating and transporting household goods of the employee and family. This includes cars and pets. The cost of connecting or disconnecting utilities.
If you have moving expenses that are greater than the amount of reimbursement shown in box 12 of Form 1040, or your reimbursement was reported as wages in box 1, then you can file Form 3903 with your tax return to report moving expenses and reimbursements to the IRS.