Top 10 Ways Your Relocation Program Lost Money in 2019
Now that the mobility industry has implemented and weathered the 2018 tax changes, it’s time to look at program impact. How are you containing relocation program costs?
Many of the tax law changes that went into effect in 2018 helped companies save money. However, when it comes to relocation, this is not the case. Some relocation expenses that companies paid on an employee’s behalf or reimbursed to an employee are now taxable income. Most companies will offer tax assistance on these now taxable expenses to help the employee or new hire offset their tax burden. As 2019 comes to an end, now is a good time to look at ways to help offset this additional relocation cost without making major changes to your relocation policy offerings.
Since 2018 had “carryover” relocation expenses that may have fallen under the old tax laws for deductibility, 2019 is a true picture of how gross up expenses have impacted the cost of relocation. Companies recognize that to attract and retain talent they need to offer competitive relocation assistance, but that doesn’t mean savings can’t been found.
In this eBook, we share with you lower cost solutions that you may want to consider for your relocation program. Some of the topics covered include:
Reducing Household Goods Moving Expenses
Logical Home Sale Program Parameters
Avoiding Rental Booby Traps
And much more…
What else does our EBook Suggest? Click below to download the full report and find out.