Massachusetts Relocation Expense Agreement
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How to fill out Relocation Expense Agreement?
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FAQ
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.
How much should a lump sum relocation package be? For a flat lump sum, you should expect typically between $1,000 and $7,500. According to Dwellworks, employees across the nation receive an average lump sum of $7,200.
A Repayment Agreement is a legally enforceable contract stating that if the employee resigns or is terminated by the Company within a certain time frame following relocation, the employee agrees to repay the company any relocation expenses that were paid by the company.
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.
Five states have passed legislation to make moving expenses deductible or excludable.Arizona.Hawaii.Iowa.New York.Virginia.
DISCUSSION: Under Massachusetts law, a taxpayer is entitled to deduct moving expenses which are deductible for federal income tax purposes under section 217 of the Code only to the extent of any amounts reimbursed by an employer and included by the taxpayer in her Massachusetts gross income.
For most taxpayers, moving expenses are no longer deductible, meaning you can no longer claim this deduction on your federal return. This change is set to stay in place for tax years 2018-2025.
Qualified deductible moving expenses are limited to the cost of:Transportation of household goods and personal effects.Travel (including lodging but not meals) to the new residence.
IRS moving deductions are no longer allowed under the new tax law. Unfortunately for taxpayers, moving expenses are no longer tax-deductible when moving for work. According to the IRS, the moving expense deduction has been suspended, thanks to the new Tax Cuts and Jobs Act.
An average relocation package costs between $21,327-$24,913 for a transferee who is a renter and $61,622-$79,429 for a transferee who is a homeowner. Of course, this number is just an average of what larger corporations are spending on employee relocation the relocation amount can be anywhere from $2,000 - $100,000.