From our home to yours and your transferees’, Quicken Loans® is with you.
Prior to its 2018 Global Workforce Symposium in Seattle, Washington in October 2018, Worldwide ERC® conducted an on-line “pulse” survey in which it asked members how their companies were reacting to the elimination of the moving expense deduction/exclusion (MED) by the Tax Cuts and Jobs Act (TCJA). The TCJA suspended both the deduction and the exclusion for the years 2018 through 2025. As a result, expenses for household goods movement, and final move travel, are not deductible for 2018, and company reimbursements/payments of those expenses are taxable to the transferee.
A total of 74 members responded, 73 working in corporate HR/mobility departments. Although there is some inconsistency in the data, overall the survey suggests that companies have generally continued to move employees, pay for the move, and gross up for taxes.
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