2018 Tax Reform: What Corporate Mobility, HR and Senior Executives Need to Know
The Tax Cuts and Jobs Act signed into law in 2018 impacted corporations and individuals, particularly those engaged in relocating employees during 2018 and the years following. Based on information provided by Worldwide ERC and KPMG tax experts, northAmerican created a paper that provides an in-depth overview of the changes to tax laws related to corporate mobility. And while these tax changes impact federal taxation for companies and employees engaged in relocation, some states have continued to allow individual deductions related to moving for business purposes. As with anything related to tax laws, there are many important aspects of this legislation that mobility professionals need to be versed in to ensure that their company and their relocating employees are compliant. Insights from this paper include:
- Changes in employee tax rates and brackets
- Impact of these tax changes on corporate mobility policies and budgets
- What is still covered and what is not
- Federal versus state: what, if any, differences exist
And additional details on every aspect of how to navigate corporate mobility in light of these tax changes so that your company and employees know what to expect and how to best handle. northAmerican is committed to keeping mobility professionals notified of any changes to tax legislation that could affect mobility programs and policies. During these uncertain times, the U.S. government is evaluating all options it thinks may help our economy weather effects of the pandemic. We and other organizations, like Worldwide ERC and the American Moving & Storage Association (AMSA) are monitoring developments and will do our best to keep you informed.
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